Modulated hydraulic clutch pack engagement is provided in a single valve body which includes a drive direction selector spool, a dump valve, a pressure modulating spool, a downstream system pressure regulator and a provision for continuous flow to a downstream torque converter. The modulator spool interrupts communication between a first and second chamber. Fluid pressure develops in the first chamber in response to selector spool initiation of clutch pack fill line pressure. A pressure differential is generated between the first and second chambers resulting in modulator spool displacement allowing equalization of chamber pressures. Metered flow to the back side of the modulator spool generates pressure that reseats the spool with the aid of spring pressure. Pressure then builds in the first chamber. The modulation is repeated rapidly resulting in the clutch pack being fully pressurized, however, the modulator will continue to regulate fluid to be supplied to the torque converter.The dump pedal allows dumping of the pressurized clutch pack without interrupting flow between the supply pump and the torque converter.