A time−of−flight spectrometer for photoelectron spectroscopy is described. It is based on the pulsed structure of the synchrotron radiation emitted from the storage ring (SPEAR) at SLAC with a pulse width of 1.5 nsec and a repetition period of 780 nsec. The sample is irradiated with monochromatic light from a soft x−ray grazing incidence monochromator which works in the photon energy range of 25−1500 eV. The time−of−flight spectrometer consists of a 6 in. mu−metal drift tube which can be pivoted around the sample making angularly resolved photoelectron spectroscopy feasible in both the horizontal and vertical direction. On the sample side of the drift tube a retardation sector is attached and on the other side, a fast channelplate detector. The design parameters are 100 MeV energy resolution at 5 eV at 1° angular resolution. Some preliminary results on single crystals are described.