In a wide saucepan, combine the water, milk, honey, butter and salt. Place over medium heat and stir until the butter is melted. Transfer to a large mixing bowl to cool.
When the mixture is barely warm to the touch, stir in the dissolved yeast. Add the whole wheat flour and beat with a wooden spoon until smooth. Stir in the oats.
Gradually blend in the bread flour until the dough becomes too difficult to stir. Turn out onto a floured surface and knead in as much of the remaining flour as necessary to form a cohesive dough. Continue kneading in bread flour until the dough is soft, yet no longer sticks to the work surface.
Transfer to a greased bowl and cover with a clean kitchen towel. Allow the dough to rise until double in bulk.
Generously grease two 9x5 inch loaf pans. Punch the dough down, then turn it out onto a floured surface. Shape it into 2 loaves and place them in the prepared pans. Cover and set aside to rise. When double in bulk, bake in a preheated 375* oven for 35 to 45 minutes, or until the loaves sound hollow when you tap the tops. Cool on a rack for 5 minutes, then turn out. Complete cooling on the rack.