This paper investigates two five-level reduced hybrid inverters with split-wound coupled inductor and reduced number of components. The proposed inverters are composed of two legs, one of two levels and another of three-levels. Two types of three-level leg have been investigated: diode-clamped and flying capacitor. When compared with more conventional topologies consisting of two three-level legs, the proposed topologies perform competitively in terms of switching devices power losses for a similar THD. However, the two-level leg supports higher blocking voltage than the three-level one. Two modulation strategies are introduced, of which one is a vector technique with simple digital implementation. The model of the converters and their modes of operation are also presented. The proposed converters are validated by both simulation and experimental results.