Abstract: A tool holding assembly for placement around a handle portion and/or a body portion of a portable hand drill. The assembly includes a first elastic sleeve and a second elastic sleeve which are adapted for placement over the handle portion of the drill. The second sleeve partially overlaps the first sleeve, thereby providing additional tension to retain drill bits and other tools against the handle portion of the drill. The assembly may also include a third elastic sleeve which is adapted for placement over the body portion of the drill, and which is particularly disposed for retaining an elongate shank of a drill bit or the like. Together the various sleeves allow drill accessories such as drill bits, drill gimlets, and related tools to be retained upon the drill by tension of the elastic sleeves against the drill. The elastic sleeves are formed of any resilient material, however, rubber is preferred.