An automatic transmission includes a first planetary gearset having a first planet pinion set rotatably supported on a common carrier and drivingly engaged with a first sun gear and a first composite gear that acts both as a first ring gear and a second sun gear. A second planetary gearset includes a second planetary pinion set rotatably supported on the common carrier and drivingly engaged with a third sun gear, the first composite gear and a second composite gear that acts both as a second ring gear and a third ring gear. A third planetary gearset has a third planet pinion set rotatably supported on the common carrier and drivingly engaged with a third sun gear and the second composite gear. A series of nested clutches and multiple bakes are employed to establish six forward speed ratios and one reverse ratio using a single carrier.