Abstract: A compound turret for machine tools such as latches or the like having rotating and non-rotating tooling turrets mounted on a single housing. The compound turret includes a primary drive and a secondary drive. The primary drive includes a compound turret indexing unit operable to index the rotating and non-rotating tooling turrets into the turret operating and turret storage positions. The compound turret indexing unit consists of a harmonic drive that enables the operator to incrementally vary the turret operating position. The harmonic drive achieves high reduction ratios in a single stage thus eliminating the cumbersome gear systems usually implemented to achieve the reduction ratios required. The primary drive further includes a non-rotating tool indexing unit. The non-rotating tool indexing unit is operable to index the non-rotating tooling. The non-rotating tool indexing unit consists of a harmonic drive unit similar to the compound turret indexing unit.