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Studies of the layer-thickness dependence of hysteresis loops for Tb/Fe compositionally modulated films (CMF) are reported. The characteristics of magnetic properties, such as magnetization and uniaxial anisotropy, which depend on the FE layer thickness, can be interpreted in terms of the compositional dependence of magnetic properties of the constituent subnetworks and the spatial distribution of the constituent atoms. The magnetic properties of Tb/Fe CMF are analyzed with a micromagnetic model, and the behavior of the anisotropy and constituent magnetization near the compensation point is discussed. Journal of Applied Physics is copyrighted by The American Institute of Physics.