Combine 3/4 cup flour, sugar, dry yeast and salt in a large mixer bowl and stir until blended.
Combine milk, water and butter in a small microwave-safe bowl.
Microwave on HIGH in 15 second increments until very warm but not hot to the touch (120° to 130°F. Butter won’t melt completely).
Add to flour mixture.
Beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally.
Add 1/4 cup flour; beat 2 minutes at high speed.
Stir in just enough remaining flour so that the dough will form into a ball.
Knead on lightly floured surface until smooth and elastic and springs back when lightly pressed with 2 fingers, about 6 to 8 minutes. Cover with a towel; let rest for 10 minutes.
Cut dough into 12 equal pieces; shape into balls using your hands.
Place in greased 8-inch round or square pan. Cover with towel; let rise in warm place until doubled in size, about 30 minutes .
Bake in preheated 375ºF oven for 20 minutes or until golden brown. Remove from pan by running a knife around the edges and invert onto wire rack; brush with additional melted butter, if desired. Serve warm.