This paper proposes a three-vector modulation (TVM) scheme for a five-leg indirect matrix converter (IMC) fed a three-phase open-end load (OEL) to control both rectifier and inverter stages with zero common-mode voltage (CMV) and low output current distortion. In order to reduce the CMVs at the load terminals and to eliminate the CMV across the load phases, three nearest active vectors are selected to generate the reference output voltage. Similarly, thanks to the TVM scheme for the rectifier stage, the average value of the dc-link voltage is kept at constant, which leads to minimize the output current distortion. Additionally, the interest features of the conventional OEL systems such as higher voltage transfer ratio and better output voltage quality with three-level voltage waveform are also inherited in the cost effective topology of a five-leg IMC fed OEL. Simulation and experimental results are provided to verify the performance of the proposed TVM modulation scheme.