This paper considers the conventional three-phase matrix converter operated with PWM techniques making use of all possible commutation vectors. The output phase voltage can see multiple voltage levels - hence the multilevel matrix converter name. The hardware set-up to achieve the matrix converter operation can be built of three 3-phase Current-Source Inverter modules. Harmonic analysis of different SV-PWM techniques for AC/AC matrix converter is performed with a multi-million FFT within MATLAB so that a resolution below 1Hz is possible. The conventional SV-PWM based on a superposition of rectifier and inverter operation is compared with a technique based on all 27 available switching vectors. While coefficients like Total Harmonic Distortion of the input current or Harmonic Current Factor for the output voltage yield better for a method considering all available switching vectors, this is also introducing low-frequency harmonics.