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The microstructure and mechanical properties of NiAl-28Cr-6Mo-0.2Hf eutectic alloys with various holmium additions have been investigated by using of SEM, TEM and compression test. The results reveal that minor Ho addition could optimize the microstructure by refining the lamella inside of eutectic cell and controlling the coarsening of intercellular region. However the minor Ho addition results in the Ni(2)Al(3)Ho phase, which has hexagonal crystal structure and an orientation relationship with NiAl phase of [1 2 0](Ni2Al3Ho)//[1 1 1](NiAl) and (0 0 $$(2) over bar)(Ni2Al3Ho)//(1 $(1) over bar $ 0)(NiAl). Moreover the Ni(17)Ho(2) phase is found in the Ni(2)Al(3)Ho phase, which has twin crystal inside and an orientation relationship with Ni(2)Al(3)Ho phase of [1 2 3](Al17Ho2)//[1 2 4](Ni2Al3Ho) and (1 1 $$(1) over bar)(Al17Ho2)//((2) over bar 1 0)(Ni2Al3Ho). In addition, the Ho addition promotes the precipitation of Ni(2)AlHf phase. More Ho addition coarsens the Cr(Mo) phases along the intercellular and results in more strengthening precipitates inside eutectic cell. When the Ho addition comes to 0.5 at.%, the alloy almost loses the cellular eutectic characteristic and exhibits a microstructure with coarse NiAl, massive Cr(Mo) and Ni(2)Al(3)HO phases. The microstructure optimizations improve the mechanical properties of the alloy significantly, especially the alloy with 0.1 at.% Ho content. (C) 2011 Elsevier Ltd. All rights reserved.