Modern military engines desire both the fuel efficiency of high-bypass turbofans and the high specific thrust of a low-bypass turbofan. Using traditional engine architectures, performance and efficiency are in conflict, so an engine is usually designed to best meet requirements for its primary mission. While the concept of a variable cycle engine is not new, recent advances in engine architecture technology suggest that adding a second bypass stream to a traditional turbofan can provide significant benefits. This “third stream” (the core flow being the primary stream and the inner bypass being the second stream) airflow can be independently modulated so that engine airflow demand can be matched with the available inlet flow at a variety of operating points, thereby reducing spillage drag. Additionally, the third stream air provides a valuable heat sink for cooling turbine cooling air or dissipating other aircraft heat loads. While the potential benefits of this architecture are clear, the transient stability and performance of such an engine has not been thoroughly evaluated. This research strives to characterize the dynamic response of a three stream engine while capturing various transient effects and to assess the computational burden of each effect.