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Granular films (Co 50 Fe 50 ) x -(Al 2 O 3 ) 1-x deposited on glass substrates by dual electron beam evaporation were studied for their magneto-transport properties. Isotropic tunneling magnetoresistance (TMR) up to 10% at room temperature in magnetic fields up to 5T was found for the compositions just below the percolation threshold (x c ). Different types of temperature dependencies of TMR below and above x c are analyzed.