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Whisk together 1 1/2 cups flour, yeast, sugar, and salt in the bowl of a stand mixer.
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Heat milk, water, and shortening in a small saucepan until warm (120 to 130 degrees F). Shortening does not have to melt. Add to flour mixture along with the egg.
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Using the flat beater, mix on low speed until moistened. Increase speed to medium and mix for 3 minutes. Add preserves and mix or stir to combine.
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Change flat beater to dough hook. Turn mixer on low (setting 1 or 2 as recommended by manufacturer when using dough hook). Gradually add enough remaining flour to make a soft dough. Knead for 3 to 4 minutes.
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Turn dough out on a lightly floured surface. Knead a few times and shape into a ball. Place dough in the greased bowl and turn to coat dough. Cover and let rise in a warm draft-free place until double, about 1 hour.
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Punch down dough. On a lightly floured surface, roll out dough to an 18- X 9-inch rectangle.