We present and demonstrate a novel method of generating a π phase-alternated return-to-zero (RZ) signal together with pulse-amplitude equalization in a rational harmonic mode-locked fiber ring laser, by using a dual-drive Mach-Zehnder modulator. By adjusting the voltages applied to both arms of the modulator, amplitude-equalization and π phase shift can be achieved successfully at a 9.95 GHz repetition rate. The generated alternate-phase RZ signals show enhanced transmission performance in the single-mode fiber (SMF) links without dispersion compensation.