The electronic structures of (core@shell) nanoparticles (, , and Fe) have been investigated by employing soft x-ray-absorption spectroscopy and x-ray magnetic circular dichroism (XMCD). It is found that the valence states of Ti ions near interfaces are formally tetravalent and that the valence states of Fe ions in shells are essentially the same as those of the corresponding bulk materials, with some disorder in the site occupations for and . The negligible XMCD signals were observed, indicating that the induced spin polarization of the interface electrons is negligible in nanoparticles.