A single-input, single-phase, five-level current source inverter (CSI) with inherent DC current balancing has been recently reported. However, its main limitation is the requirement for large DC inductors under rated conditions (modulation index = 1), which increases the system size and reduces efficiency. To overcome this limitation, this paper proposes a new single-input, single-phase, five-level CSI that reduces the required DC inductance to one-third of the original value, while retaining the inherent DC current balancing of the original topology. The operating principle of the proposed inverter is analyzed, and its performance is validated by simulations.