Combine 2 cups flour, sugar, yeast, and salt in a large mixing bowl; stir well.
Combine milk, water, shortening, and butter in a medium saucepan. Heat mixture to 120° to 130°; shortening and butter do not need to melt. Add to flour mixture, stirring well. Add eggs; beat at low speed with electric mixer until moistened. Increase speed to medium, and beat an additional 3 minutes. Gradually stir in enough remaining flour to make a stiff batter. Cover, and let rise in a warm place (85°), free from drafts, 1 hour or until doubled in bulk.
Stir batter, and spoon into a greased 10-inch tube pan. Cover, and let rise in a warm place (85°), free from drafts, 30 minutes or until doubled in bulk.
Bake at 350° for 45 minutes or until golden brown. Remove bread from pan. Serve warm or place on a wire rack to cool.
Note: Batter may be baked in a bundt pan for a more attractive loaf.