Abstract: A test and measurement instrument has an arbitrary waveform generator having at least two waveform generators. Each waveform generator includes a signal generator to generate in-phase (I) and quadrature (Q) digital signals according to a selected signal type for a digital constituent output signal, a pulse envelope sequencer to modulate amplitude of the I and Q digital signals, and one or more multipliers to combine the I and Q digital signals with a carrier signal to produce the digital constituent output signal. The arbitrary waveform generator includes a stream manager to produce modulation descriptor words for the waveform generators, a summing block to selectively combine digital constituent output signals to produce a digital multi-constituent output signal, a digital-to-analog converter to convert the digital multi-constituent output signal to an analog output signal, and an internal signal analyzer to receive an analyzer input of one of more of the digital output signals.