Microstructure and magnetic transport phenomina in rf sputtered AIN/CO type ten- layered discontinuous films of nanoscaled [AIN(3 nm)/Co(t nm)]…₁₀ with t_Co=1.0∼2.0 nm have been investigated. The microstructure and tunneling magnetic resistance of the samples are strongly dependent on the thickness of Co layer, Negative tunneling magneto-resistance due to the spin-dependent transport has been observed along the current-in-plane configuration in the samples having the Co layers below 1.6 nm thick. When the thickness of Co layer was less than 1.2 nm, randomly oriented granular Co particles were completely isolated and embedded in amorphous AIN matrix, and the films showed the superparamagnetic behavior with a high MR value of Δp/p₀=1.8%. As t_Co increases, a transition from the regime of co-existence of superparamagnetic and ferromagnetic behaviors to ferromagnetic behavior was observed. funneling barrier called “decay length far tunneling” fur the films haying the thickness of Co layer from 1.4 to 1.6 nm was measured to be ranged from 0.004 to 0.021 Å^-1.