A monolithically integrated guided-wave modulator has been realized by using molecular-beam epitaxial regrowth and ion-milling techniques. The guiding and modulating regions consist, respectively, of In-doped GaAs and GaAs/In(0.34)Ga(0.66)As strained-layer multiquantum wells. Modulation is achieved by field-enhanced electroabsorption in the multiquantum wells. The insertion loss of the modulator is 0.9 dB, and the transmission loss in the guides is </=1 dB/cm. The temporal response of similar GaAs/InGaAs as-grown photodiodes to pulsed laser excitation is characterized by a rise time of 115 psec.