We fabricated magnetic tunnel junctions (MTJs) of Ni 80 Fe 20 Fe 50 Mn 50 Ni 80 Fe 20 Al 2 O 3 Co exchange-biased structures and Ni 80 Fe 20 Al 2 O 3 Co nonexchange-biased structures using shadow masks, with and without an in situ magnetic field. We magnetically annealed the junctions at 230 C for 15 min after deposition. Low-temperature measurements revealed an increase in junction resistance and tunneling magnetoresistance and enhancement of the exchange field for exchange-biased junctions. Post-deposition magnetic annealing at an optimum predicted temperature did not improve the quality of the Al 2 O 3 but instead degraded it, highlighting the importance of other contributing factors. MTJs fabricated with an in situ magnetic field without any post-deposition magnetic annealing produced the most desirable results from the perspective of magnetic application technology.Index Terms-Exchange bias, magnetic field sputtering, magnetic tunnel junctions, post-deposition magnetic annealing.