Abstract: A storage and dereeling apparatus is provided for storing and dispensing magnet wire or other reeled material. The storing and dereeling apparatus includes a container member in which a reel of magnet wire is placed with the axis thereof vertically disposed; and the apparatus includes a cover member. The cover member is automatically indexed to either of two rotational positions; and the cover member is releasably latched in a storage and transporting position wherein the cover member is adjacent to the spool of wire, to a preferred dereeling position wherein a space is provided intermediate of the reel of wire and the cover member to allow dereeling of the wire, and to an alternate dereeling position wherein the space between the reel of wire and the cover member is somewhat larger.