Thornburg Summit Fund

SYMBOL: TSUMX

Morningstar Rating • Info

Overall Morningstar Rating among 407 Global Moderate Allocation funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 5 stars and star among 407, 395 and 320 funds, as of 31 Jan 2026.

As of 31 Jan 2026

Fund Assets

$109.9 M

As of 31 Jan 2026

NAV

$15.25

As of 18 Feb 2026

Change

$0.13

As of 18 Feb 2026

YTD NAV Performance

4.88%

As of 18 Feb 2026

Asset Category:

Multi-Asset

Fund Benchmark:

Multi-Asset - Summit Fund Blended Index

Portfolio Managers

Neal BasuMullick, CFA

Portfolio Manager and Managing Director

Lon Erickson, CFA

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Global, diversified multi-asset strategy that seeks to grow assets over time through a mix of capital appreciation and current income that is intended to exceed the rate of inflation.
Proven bottom-up fundamental research process that drives dynamic asset allocation and security selection to optimize equity, fixed income and commodity exposure and alpha generation across different market environments.
Real return philosophy that seeks to outperform the benchmark and deliver a real return exceeding the rate of inflation through market cycles and with lower volatility.

Investment Objective

The fund’s goal is to provide investors with capital appreciation and current income that is intended to exceed the rate of inflation.

Investment Approach

The fund applies a dynamic asset allocation, bottom-up fundamental research, macroeconomic perspective and factor insights to construct a global, multi-asset portfolio designed to deliver attractive real returns across various market environments.

Returns

(As of 31 Dec 2025)

YTD

Inception

Total Return (%)

20.53

14.87

9.41

12.21

Multi-Asset - Summit Fund Blended Index (%)

16.60

13.80

5.79

7.84

Morningstar Category Avg. (%)

16.15

12.29

6.54

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

414

407

394

—

YTD

Inception

Total Return (%)

4.13

21.99

14.51

10.52

12.71

Multi-Asset - Summit Fund Blended Index (%)

2.15

16.50

12.54

6.38

8.07

Morningstar Category Avg. (%)

3.12

16.88

11.46

7.24

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

414

407

395

—

YTD

Inception

Total Return (%)

20.53

51.55

56.76

119.85

Multi-Asset - Summit Fund Blended Index (%)

16.60

47.37

32.52

67.48

YTD

Inception

Total Return (%)

4.13

21.99

50.17

64.87

128.92

Multi-Asset - Summit Fund Blended Index (%)

2.15

16.50

42.54

36.22

71.09

2020

2021

2022

2023

2024

2025

Total Return (%)

27.78

14.64

-9.78

12.86

11.41

20.53

Multi-Asset - Summit Fund Blended Index (%)

14.05

8.78

-17.33

15.43

9.49

16.60

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

Source: Confluence

Morningstar quartile ranking for Global Moderate Allocation category is based on total returns before sales charges.

There is no up-front sales charge for class I shares.

Share class inception dates: A shares, 26 Jan 2022; I shares, 1 Mar 2019.

Prior to inception of class A shares, performance is hypothetical and was calculated from actual returns of the class I shares adjusted for the expenses of the newer share class.

Thornburg Summit Fund's Blended Index is composed of 60% MSCI ACWI Net Total Return USD Index and 40% Bloomberg Global-Aggregate Total Return Index Value Unhedged USD, rebalanced monthly.

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

1.21

Net Expense Ratio (%)

0.70

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

For more detailed information on fund expenses, please see the fund's prospectus.

Hypothetical Growth of $10,000

            Categories,I Shares,Multi-Asset - Summit Fund Blended Index
            2019-03-01,10000,10000
2019-03-31,10190,10108
2019-04-30,10390,10301
2019-05-31,10200,9990
2019-06-30,10461,10471
2019-07-31,10391,10478
2019-08-31,10511,10414
2019-09-30,10545,10503
2019-10-31,10606,10704
2019-11-30,10715,10828
2019-12-31,10976,11082
2020-01-31,10976,11065
2020-02-29,10630,10559
2020-03-31,9958,9609
2020-04-30,10737,10302
2020-05-31,11302,10589
2020-06-30,11660,10829
2020-07-31,12071,11311
2020-08-31,12635,11720
2020-09-30,12491,11476
2020-10-31,12286,11313
2020-11-30,13180,12232
2020-12-31,14025,12638
2021-01-31,13885,12559
2021-02-28,14843,12647
2021-03-31,14781,12753
2021-04-30,15316,13152
2021-05-31,15524,13324
2021-06-30,15622,13382
2021-07-31,15710,13509
2021-08-31,15972,13689
2021-09-30,15568,13253
2021-10-31,15983,13646
2021-11-30,15662,13433
2021-12-31,16078,13748
2022-01-31,15796,13230
2022-02-28,15565,12962
2022-03-31,15609,12972
2022-04-30,14886,12065
2022-05-31,15054,12087
2022-06-30,14126,11320
2022-07-31,14698,11891
2022-08-31,14386,11441
2022-09-30,13489,10548
2022-10-31,13855,10901
2022-11-30,14758,11614
2022-12-31,14506,11365
2023-01-31,15244,12003
2023-02-28,14836,11637
2023-03-31,15161,11999
2023-04-30,15373,12124
2023-05-31,15241,11951
2023-06-30,15597,12367
2023-07-31,15906,12673
2023-08-31,15691,12391
2023-09-30,15196,11939
2023-10-31,14887,11666
2023-11-30,15788,12548
2023-12-31,16371,13118
2024-01-31,16561,13092
2024-02-29,16831,13363
2024-03-31,17253,13644
2024-04-30,16886,13236
2024-05-31,17389,13628
2024-06-30,17801,13818
2024-07-31,17952,14105
2024-08-31,18254,14453
2024-09-30,18579,14753
2024-10-31,18179,14356
2024-11-30,18476,14698
2024-12-31,18240,14363
2025-01-31,18765,14685
2025-02-28,18765,14716
2025-03-31,18356,14403
2025-04-30,18456,14653
2025-05-31,19139,15138
2025-06-30,19852,15661
2025-07-31,20196,15695
2025-08-31,20798,16018
2025-09-30,21174,16409
2025-10-31,21549,16612
2025-11-30,21699,16626
2025-12-31,21985,16748
2026-01-31,22892,17109

Hypothetical Growth of $10,000

(As of 31 Jan 2026)

(Hypothetical Growth of $10,000 vs Multi-Asset - Summit Fund Blended Index)

                        Categories,I Shares,Multi-Asset - Summit Fund Blended Index
                        2025-01-31,10000,10000
2025-02-28,10000,10021
2025-03-31,9782,9808
2025-04-30,9835,9978
2025-05-31,10199,10308
2025-06-30,10579,10664
2025-07-31,10763,10688
2025-08-31,11084,10908
2025-09-30,11284,11174
2025-10-31,11484,11312
2025-11-30,11564,11322
2025-12-31,11716,11405
2026-01-31,12199,11650

                        Categories,I Shares,Multi-Asset - Summit Fund Blended Index
                        2023-01-31,10000,10000
2023-02-28,9732,9695
2023-03-31,9945,9997
2023-04-30,10084,10101
2023-05-31,9998,9957
2023-06-30,10232,10304
2023-07-31,10434,10558
2023-08-31,10293,10324
2023-09-30,9969,9947
2023-10-31,9766,9720
2023-11-30,10357,10454
2023-12-31,10739,10929
2024-01-31,10864,10907
2024-02-29,11041,11133
2024-03-31,11318,11368
2024-04-30,11077,11028
2024-05-31,11407,11354
2024-06-30,11677,11513
2024-07-31,11776,11751
2024-08-31,11974,12042
2024-09-30,12188,12291
2024-10-31,11925,11961
2024-11-30,12120,12246
2024-12-31,11965,11967
2025-01-31,12310,12235
2025-02-28,12310,12261
2025-03-31,12041,12000
2025-04-30,12107,12209
2025-05-31,12555,12612
2025-06-30,13022,13048
2025-07-31,13248,13076
2025-08-31,13643,13346
2025-09-30,13890,13671
2025-10-31,14136,13840
2025-11-30,14234,13852
2025-12-31,14422,13954
2026-01-31,15017,14254

                        Categories,I Shares,Multi-Asset - Summit Fund Blended Index
                        2021-01-31,10000,10000
2021-02-28,10690,10070
2021-03-31,10646,10154
2021-04-30,11031,10472
2021-05-31,11181,10609
2021-06-30,11251,10655
2021-07-31,11314,10756
2021-08-31,11503,10900
2021-09-30,11212,10552
2021-10-31,11511,10865
2021-11-30,11280,10695
2021-12-31,11580,10946
2022-01-31,11376,10534
2022-02-28,11210,10320
2022-03-31,11242,10329
2022-04-30,10721,9606
2022-05-31,10842,9624
2022-06-30,10174,9013
2022-07-31,10585,9468
2022-08-31,10361,9109
2022-09-30,9715,8399
2022-10-31,9978,8680
2022-11-30,10629,9247
2022-12-31,10448,9049
2023-01-31,10979,9557
2023-02-28,10685,9265
2023-03-31,10919,9554
2023-04-30,11072,9653
2023-05-31,10976,9516
2023-06-30,11233,9847
2023-07-31,11455,10090
2023-08-31,11301,9866
2023-09-30,10945,9506
2023-10-31,10722,9289
2023-11-30,11371,9991
2023-12-31,11791,10445
2024-01-31,11927,10424
2024-02-29,12122,10640
2024-03-31,12426,10864
2024-04-30,12161,10539
2024-05-31,12524,10851
2024-06-30,12821,11002
2024-07-31,12929,11230
2024-08-31,13146,11508
2024-09-30,13381,11746
2024-10-31,13093,11431
2024-11-30,13307,11703
2024-12-31,13137,11436
2025-01-31,13515,11693
2025-02-28,13515,11717
2025-03-31,13220,11468
2025-04-30,13292,11667
2025-05-31,13784,12053
2025-06-30,14297,12469
2025-07-31,14545,12496
2025-08-31,14979,12754
2025-09-30,15250,13065
2025-10-31,15520,13227
2025-11-30,15628,13238
2025-12-31,15834,13335
2026-01-31,16487,13622

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2019-03-31,0
2019-06-30,0.05120
2019-09-30,0.02375
2019-11-14,0.04852
2019-12-31,0.06778
2020-03-31,0.06534
2020-06-30,0
2020-09-30,0
2020-11-19,0.58471
2020-12-31,0.01594
2021-03-31,0.20265
2021-06-30,0
2021-09-30,0
2021-11-18,2.16796
2021-12-31,0.03483
2022-03-31,0.06401
2022-06-30,0.07110
2022-09-30,0.07327
2022-12-31,0.07852
2023-03-31,0.05540
2023-06-30,0.15036
2023-09-30,0.03206
2023-12-31,0.06310
2024-03-31,0.07121
2024-06-30,0.11328
2024-09-30,0.07709
2024-11-21,0.29065
2024-12-31,0.07222
2025-03-31,0.04250
2025-06-30,0.10861
2025-09-30,0.07240
2025-11-20,0.55237
2025-12-31,0.12817

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2019-03-31,1553990400,0,0,0,0
2019-06-21,1561852800,0.05120,0.05120,0,0
2019-09-20,1569801600,0.02375,0.02375,0,0
2019-11-14,1573689600,0.04852,0,0.04852,0.00000
2019-12-20,1577750400,0.06778,0.06778,0,0
2020-03-19,1585612800,0.06534,0.06534,0,0
2020-06-30,1593475200,0,0,0,0
2020-09-30,1601424000,0,0,0,0
2020-11-19,1605744000,0.58471,0,0.47739,0.10732
2020-12-17,1609372800,0.01594,0.01594,0,0
2021-03-18,1617148800,0.20265,0.20265,0,0
2021-06-30,1625011200,0,0,0,0
2021-09-30,1632960000,0,0,0,0
2021-11-18,1637193600,2.16796,0,1.77863,0.38933
2021-12-16,1640908800,0.03483,0.03483,0,0
2022-03-17,1648684800,0.06401,0.06401,0,0
2022-06-16,1656547200,0.07110,0.07110,0,0
2022-09-15,1664496000,0.07327,0.07327,0,0
2022-12-15,1672444800,0.07852,0.07852,0,0
2023-03-16,1680220800,0.05540,0.05540,0,0
2023-06-15,1688083200,0.15036,0.15036,0,0
2023-09-14,1696032000,0.03206,0.03206,0,0
2023-12-14,1703980800,0.06310,0.06310,0,0
2024-03-14,1711843200,0.07121,0.07121,0,0
2024-06-20,1719705600,0.11328,0.11328,0,0
2024-09-19,1727654400,0.07709,0.07709,0,0
2024-11-21,1732147200,0.29065,0,0.02494,0.26571
2024-12-19,1735603200,0.07222,0.07222,0,0
2025-03-20,1743379200,0.04250,0.04250,0,0
2025-06-17,1751241600,0.10861,0.10861,0,0
2025-09-18,1759190400,0.07240,0.07240,0,0
2025-11-20,1763596800,0.55237,0,0.09408,0.45829
2025-12-18,1767139200,0.12817,0.12817,0,0

Distributions

(As of 18 Dec 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Mar 2019

—

21 Jun 2019

30 Jun 2019

0.05120

—

20 Sep 2019

30 Sep 2019

0.02375

—

14 Nov 2019

0.04852

—

0.04852

0.00000

20 Dec 2019

31 Dec 2019

0.06778

—

19 Mar 2020

31 Mar 2020

0.06534

—

30 Jun 2020

—

30 Sep 2020

—

19 Nov 2020

0.58471

—

0.47739

0.10732

17 Dec 2020

31 Dec 2020

0.01594

—

18 Mar 2021

31 Mar 2021

0.20265

—

30 Jun 2021

—

30 Sep 2021

—

18 Nov 2021

2.16796

—

1.77863

0.38933

16 Dec 2021

31 Dec 2021

0.03483

—

17 Mar 2022

31 Mar 2022

0.06401

—

16 Jun 2022

30 Jun 2022

0.07110

—

15 Sep 2022

30 Sep 2022

0.07327

—

15 Dec 2022

31 Dec 2022

0.07852

—

16 Mar 2023

31 Mar 2023

0.05540

—

15 Jun 2023

30 Jun 2023

0.15036

—

14 Sep 2023

30 Sep 2023

0.03206

—

14 Dec 2023

31 Dec 2023

0.06310

—

14 Mar 2024

31 Mar 2024

0.07121

—

20 Jun 2024

30 Jun 2024

0.11328

—

19 Sep 2024

30 Sep 2024

0.07709

—

21 Nov 2024

0.29065

—

0.02494

0.26571

19 Dec 2024

31 Dec 2024

0.07222

—

20 Mar 2025

31 Mar 2025

0.04250

—

17 Jun 2025

30 Jun 2025

0.10861

—

18 Sep 2025

30 Sep 2025

0.07240

—

20 Nov 2025

0.55237

—

0.09408

0.45829

18 Dec 2025

31 Dec 2025

0.12817

—

Fund Facts

(As of 31 Jan 2026)

Net Fund Assets

$109.9 M

Benchmark

Multi-Asset - Summit Fund Blended Index

Morningstar Category

Global Moderate Allocation

Fund Symbol

TSUMX

Share Class

Share Class Inception Date

1 Mar 2019

Distribution Frequency

Quarterly

30-Day SEC Yield (Subsidized)

1.69%

30-Day SEC Yield (Unsubsidized)

1.27%

Characteristics

Portfolio

(As of 31 Jan 2026)

Portfolio

Benchmark

Number of Holdings

196

—

Weighted Average Market Cap

$725.7 B

$930.8 B

Median Market Cap

$150.3 B

$18.1 B

Annual Portfolio Turnover

33%

—

Price to Earnings - Forward 1YR

16.7x

20.6x

Price to Earnings - Trailing 12 Months

22.8x

24.0x

Price to Cash Flow

11.0x

14.6x

Portfolio

Benchmark

Price to Book Value

3.1x

3.6x

Active Share

78.2%

—

Effective Duration

5.3 Yrs

6.3 Yrs

Average Effective Maturity

6.5 Yrs

8.1 Yrs

Weighted Average Coupon

3.8%

3.0%

Yield to Worst

5.6%

3.5%

Risk & Return Profile

(As of 31 Jan 2026)

Annualized Alpha (%)

3.96

5.01

Beta

0.83

R-Squared (%)

88.98

86.37

Standard Deviation (%)

7.45

9.64

Sharpe Ratio

1.29

0.75

Information Ratio

0.72

1.05

Up Capture (%)

98.45

103.89

Down Capture (%)

72.87

74.84

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Top Holdings

(As of 31 Dec 2025)

Name

Ticker/Symbol

Sector

Weight %

Zegona Communications plc

ZEG

Communication Services

3.8

Samsung Electronics Co. Ltd.

005930

Information Technology

3.3

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

2.6

Amazon.com, Inc.

AMZN

Consumer Discretionary

2.4

Alphabet, Inc.

GOOGL

Communication Services

2.2

Citigroup, Inc.

Financials

2.2

Meta Platforms, Inc.

Neal BasuMullick, CFA

Portfolio Manager and Managing Director

Neal BasuMullick is a portfolio manager at Thornburg Investment Management. He joined the firm in 2020 as an equity research analyst, was promoted to senior equity analyst then associate portfolio manager in 2022 and to portfolio manager in 2024. Prior to joining Thornburg, Neal worked in equity research at Columbia Threadneedle Investments where he covered the business services and consumer…

Learn More

Lon Erickson, CFA

Portfolio Manager and Managing Director

Lon Erickson is a portfolio manager for Thornburg Investment Management. He joined Thornburg in 2008 and was named a managing director and was promoted to portfolio manager in 2010. Prior to joining Thornburg Investment Management, Lon spent almost 11 years as an analyst for State Farm Insurance in the equity and corporate bond departments. Lon earned a bachelor’s degree in…

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Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Semi-Annual TSR

Important Information

A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

This communication is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

There is no guarantee that the Fund will meet its investment objectives.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

Please see our glossary for a definition of terms.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

Portfolio attributes and holdings can and do vary. Weights are percent of total portfolio, unless otherwise noted.

Short Sale Risk – A short sale involves the sale by the Fund of a security that the Fund has borrowed, but does not own, in anticipation of purchasing that same security at a lower price in the future in order to close the short position. If the value of the borrowed security increases between the date the Fund enters into the short sale and the date that the Fund buys that security to cover its short position, the Fund may experience a loss.

Derivatives Risk – The Fund’s investments in futures, interest rate swaps, and credit default swaps involve the risks associated with the securities or other assets underlying those derivatives, including the risk of changes in the value of the underlying assets between the date that the Fund enters into the derivatives transaction and the date that the Fund closes out that transaction. The Fund’s investments in futures, interest rate swaps, and credit default swaps also involve the risk that the other party to the transaction will be unable or unwilling to perform its obligations to the Fund, that the Fund will be unable to sell or close its positions in such derivatives or will be delayed in doing so, and that the Fund will have difﬁculty valuing such derivatives.

Commodities-Related Investment Risk – Investments that expose the Fund to the commodities market, such as commodity-linked derivatives instruments or exchange traded funds or other investment vehicles that invest in commodities, may subject the Fund to greater volatility than investments in other securities. The value of a commodity-related investment may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, risks affecting derivatives when used to obtain commodities exposure, or factors affecting a particular industry or commodity.

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Entering 2026, markets appear imbalanced, with equity returns becoming increasingly concentrated, while fixed income offers asymmetric outcomes with limited downside protection. Opportunity still exists, just not where it’s most crowded. In 30 minutes, we cut through the noise and focus on what’s working, what’s changing, and where to position client portfolios now.

Markets & Economy

Will the Real Kevin Warsh Please Stand Up?

Short‑term calm may lead to long‑term volatility: A seeming hawk‑turned‑dove now confronts a labor market and inflation backdrop that remain far from ideal.

Image of a metal mesh framework artistically warped into a honeycomb walkway in the city to describe Outlook 2023

Markets & Economy

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts

Ali Hassan shares his perspective on the Fed’s stance and the potential impact of monetary policy.

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Thornburg Summit Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Neal BasuMullick, CFA

Lon Erickson, CFA

Literature

Important Information

More Insights

Real Estate Market Recap: Trends, Challenges, and What Comes Next

Beyond the Hype—Building Smarter Private Credit Portfolios

Structural Forces Are Driving the Current Investment Environment

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Will the Real Kevin Warsh Please Stand Up?

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts

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Create an account to save this article or product.

Thornburg Summit Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Neal BasuMullick, CFA

Lon Erickson, CFA

Literature

Important Information

More Insights

Real Estate Market Recap: Trends, Challenges, and What Comes Next

Beyond the Hype—Building Smarter Private Credit Portfolios

Structural Forces Are Driving the Current Investment Environment

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Will the Real Kevin Warsh Please Stand Up?

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts