Into a small bowl, pour the low-fat milk and water, then stir in the yeast and 1 teaspoon of the sugar; let stand for 10 minutes or until foamy. In a large bowl, with an electric mixer on high, beat ½ cup of the butter until creamy. Add the remaining sugar and the salt, then the eggs one at a time, beating until light and fluffy.
Using a wooden spoon, beat in the flour, 1 cup at a time, alternately with the yeast mixture, until the dough is smooth and elastic. Transfer the dough to a large buttered bowl, turning to coat with the butter. Cover and let rise in a warm place for 1 hour or until doubled in size.
Butter a 9-inch nonstick Bundt or tube pan. Punch down the dough, beat with a spoon for 2 minutes, and transfer to the pan. Cover and let rise for 1 hour more or until doubled in size.
Preheat the oven to 350°F. In a small saucepan, melt the remaining 2 tablespoons of butter and brush on the top. Bake for 40 minutes or until golden. Turn onto rack to cool. Makes one 9-inch Bundt or round loaf or 20 slices.
