An armature winding machine supports a combined armature loading and unloading mechanism which includes a turret supported by a carriage for rotary indexing movement on a horizontal axis. The carriage is supported for horizontal linear movement by a set of guide rods projecting outwardly from the winding machine, and the carriage and turret are moved between inner and outer positions by actuation of a fluid cylinder. The turret includes a set of annularly arranged gripping members which successively grip the unwound armatures supplied from a vertically moveable magazine located above the turret. While each unwound armature is being transferred to the winding station by the turret, a wound armature is simultaneously transferred by the turret to an unloading station where it is released from its gripping member. The turret automatically indexes in response to linear movement of the carriage.