Combine 2 cups flour, yeast, salt, and sugar in larger mixer bowl.
Heat milk, water and butter to very warm (120° to 130°F); stir into flour mixture. Beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally. Add enough of the remaining flour to form a soft dough. Knead on a lightly floured surface until smooth and elastic, about 8 to 10 minutes.
Cover; let rest on floured surface for 10 minutes OR cover tightly with plastic wrap sprayed with cooking spray and refrigerate 2 to 24 hours.
Divide dough into two equal portions and roll each into a 7 x 12-inch rectangle. Sprinkle evenly with chocolate and almonds, press filling firmly into dough; roll up from short sides, jelly roll style.
Place into TWO greased 8-1/2 X 4-1/2-inch loaf pans. Cover; let rise in warm, draft-free place until doubled, about 30 to 40 minutes.
Bake at 375°F 20 to 25 minutes or until done. Remove from pans; let cool on wire racks.