A vehicle includes one or more electric traction motors, an engine, a damper bypass clutch (DBC) assembly, a transmission, a fluid pump, a multiplexed fluid control circuit, and a controller. Two clutches and the DBC assembly are selectively engaged to select between eight transmission operating states. The DBC assembly selectively connects the engine to the transmission. The pump circulates fluid for cooling the motor(s) and actuating the clutches. The circuit has a variable force solenoid (VFS) and only three on/off solenoid valves. The solenoids are multiplexed together to control flow to the DBC assembly and to the clutches. The VFS valve controls line pressure to the on/off solenoids. The controller transmits signals to the VFS and to the on/off solenoid valves to select between the eight different transmission operating states. The multiplexed fluid control circuit is also disclosed herein.