Realizing an isolated three-phase Power Factor Correction (PFC) ac-dc converter as a phase-modular system, i.e, by star-connecting three single-phase PFC rectifier frontends with individual isolated dc-dc converter stages generating a common dc output voltage advantageously facilitates the use of standard single-phase converter modules. Further the low dc-link voltage level of typically 400 V (for a grid with 230 Vrms line-to-neutral voltage) allows to employ high performance 600 V power semiconductors. The main drawback of this concept, however, is the fact that the time-varying single-phase input power only sums to a constant three-phase output power at the isolated dc output, such that large dc-link capacitor values are required in each module (in the range of several 100 µF for a 6 kW system), thereby limiting the achievable power density. It is known from literature that the dc-link energy buffering requirement ∆E dc can be reduced by means of a third-harmonic common-mode (CM) voltage injection modulation and this paper identifies the optimal CM voltage waveform with respect to minimizing ∆E dc , i.e., reducing ∆E dc to the theoretical minimum by combining a bruteforce evaluation of the time-domain CM voltage waveform with phase-symmetry considerations. Additionally, converter operation with minimum dc-link voltage and/or dc-link capacitor values is analyzed and a saturable grid current controller allowing operation of the PFC rectifier front-ends with the optimal CM voltage waveform is investigated. Experimental results with a 6 kW prototype system yield a reduction in ∆E dc by up to 42 % (compared to conventional sinusoidal modulation), which closely matches the theoretical prediction. Also, PFC rectifier operation with a dc-link voltage level as low as 285 V (i.e., below the 325 Vpk grid line-to-neutral voltage amplitude) and with ultra-low dc-link capacitor values is demonstrated.