Abstract: A cutting tool assembly including a tool holder for supporting a cutting tool having a tool body and a plurality of substantially identical cutting edges extending radially from the tool body and being substantially equally circumferentially spaced thereabout. The cutting tool is pivotally mounted on the tool holder about a first pivot axis for pivotal indexing movement of the tool body relative to the tool holder to successively dispose a selected cutting edge in a predetermined cutting position relative to the tool holder. The assembly further includes a latch pivotally mounted about a second pivot axis spaced from the first pivot axis on the tool holder and having a latched position operatively engageable with the tool body to hold the selected cutting edge in a predetermined cutting position and an unlatched position permitting pivotal indexable movement of the cutting tool to dispose another of the cutting edges in the predetermined cutting position.