An automatic transmission uses 6 shift elements applied in combinations of four to establish ten forward speed ratios and a reverse speed ratio. The automatic transmission uses a hydraulic control system to control engagement of the six elements, control engagement of a torque converter bypass clutch, control engagement of a parking pawl, and to provide fluid for a hydrodynamic torque converter and for lubrication. The parking pawl is disengaged in response to engagement of two of the six shift elements and remains disengaged in response to engagement of other shift elements. A single valve controls several different functions associated with the two-pass torque converter. Pressurized fluid is provided by a variable displacement engine driven pump and also by an electric pump. A priority valve reduces lubrication flow when other fluid demands are high as indicated by the pump displacement control circuit.