In a large bowl, dissolve yeast in warm water. Add warm milk, sugar, shortening, egg, salt and 2 cups of flour; beat until smooth. Add enough remaining flour to form a soft dough.
Turn onto a floured surface; knead until smooth and elastic, about 6-8 minutes. Place in a greased bowl, turning once to grease top. Cover and let rise in a warm place until doubled, about 1-1/2 hours.
Punch dough down. Divide into thirds; roll each into a 12-in. rope. Braid ropes; place in a greased 8x4-in. loaf pan. Cover and let rise until doubled, about 45 minutes.
Bake at 375° for 25-30 minutes. Remove from pan and brush with melted butter. Cool on a wire rack.