Phase-shifted carrier modulation is an industry standard in its application to multilevel H-bridge converters. The major advantage of this scheme over level-shifted and space vector modulation schemes is its inherent ability to evenly distribute losses between semiconductor devices. However, phase-shifted schemes suffer from harmonic degradation when operated at the low carrier frequencies required in high-power high-level number applications. This paper develops a model predictive modulation (MPM) scheme that achieves superior harmonic performance, compared to phase-shifted modulation, while ensuring equal semiconductor loss distribution. With respect to complete-enumeration-based predictive techniques, the proposed modulation significantly reduces the number of times the system cost function is evaluated. Reducing the number of calculations by several orders of magnitude ensures computational feasibility. Simulation and experimental results are presented, which confirm correct operation of the modulation strategy.