Abstract: A live tooling turret assembly comprising a stationary housing, a turret top plate movably mounted on the housing for axial and rotational displacement with respect to the housing, the turret top plate including a drive shaft extending into the housing and through the top plate, the turret top plate including means for mounting live tooling, the drive shaft including means for engaging and driving the live tooling when mounted on the top plate, supporting means in the housing supporting the top plate including the drive shaft, the supporting means being movably mounted in the housing for axial and rotational displacement simultaneously with the top plate, indexing means associated with the housing for moving the top plate and the supporting means axially and rotationally with respect to the housing, and drive means associated with the drive shaft for permitting the drive shaft to be driven independently of the indexing means and for permitting the drive shaft to be driven simultaneously with the indexing mean