on which type of modulation do you mean.
there are many types of modulations for example : pulse position modulation, pulse amplitude modulation, BSK, FSK. So which one of these do you mean
Lets take ground level(0V) to be one level, you'll need 1/3V,2/3V and V, but thats the voltage that appears across the load, depending on your converter the way this is made possible will vary.