Disclosed is a process for converting synthesis gas to liquid hydrocarbon mixtures useful in the production of fuels and petrochemicals. The synthesis gas is contacted with at least two layers of synthesis gas conversion catalyst wherein each synthesis gas conversion catalyst layer is followed by a layer of hydrocracking catalyst and hydroisomerization catalyst or separate layers of hydrocracking and hydroisomerization catalysts. The process can occur within a single reactor, at an essentially common reactor temperature and an essentially common reactor pressure. The process provides a high yield of naphtha range liquid hydrocarbons and a low yield of wax.