An alloy made of heat treated material represented by Gd.sub.5(Si.sub.xGe.sub.1-x).sub.4 where 0.47.ltoreq.x.ltoreq.0.56 that exhibits a magnetic entropy change (-.DELTA.S.sub.m) of at least 16 J/kg K, a magnetostriction of at least 2000 parts per million, and a magnetoresistance of at least 5 percent at a temperature of about 300K and below, and method of heat treating the material between 800 to 1600 degrees C. for a time to this end.