In this paper, a novel multiphase multilevel open-end winding (OeW) drive is presented. The topology employs one three-level and one two-level voltage source inverter (VSI) to supply a five-phase OeW machine. Three-level VSI operates with low switching frequency, while the second inverter is used to mitigate unwanted low-order harmonics. Proposed drive requires one dc source only, for three-level VSI dc-link formation, while the second inverter's dc side comprises capacitor bank only. Developed modulation strategy is capable of capacitor voltage balancing and providing constant dc-link voltage ratio. Presented results, for the dc-link voltage ratio 2:1, show that topology provides low phase voltage and phase current harmonic distortion.