A process is disclosed for converting synthesis gas to a liquid hydrocarbon mixture useful as distillate fuel and/or lube base oil which is substantially free of solid wax. A synthesis gas feed is contacted with a synthesis gas conversion catalyst in an upstream bed and a hydroisomerization catalyst containing a metal promoter and an acidic component in a downstream bed within a single reactor at essentially common reaction conditions. A Fischer-Tropsch wax is formed over the synthesis gas conversion catalyst and said wax is subsequently hydroisomerized over the hydroisomerization catalyst, thereby resulting in a liquid hydrocarbon mixture having a desirable product distribution.