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The effect of various holmium content on the microstructure and compressive behavior of NiAl-28Cr-6Mo-0.15Hf eutectic alloy has been investigated by using combination of SEM, TEM and compression test. The results suggest that appropriate Ho addition improves the compressive ductility at room temperature and the high temperature strength at 1273 K of the alloy significantly. In addition, lamellar microstructure inside of eutectic cell and eutectic cell get refinement gradually, but the intercellular region become coarse, with increase of Ho content. Furthermore, Ni2Al3Ho phase, with hexagonal cristal structure, is observed in the alloy. (C) 2008 Elsevier B.V. All rights reserved.