How many levels of compilation happens in .NET Framework

[VBnetster]

The question is the title. Its from a quiz. im just using the quiz questions to learn what i dont already know and it seems i dont know much tried looking through google for infomation on this but no luck there!

edit: found out, missed a result in google *sigh*.
answer is 2.
1: source to MSIL
2: MSIL to native code

 

[JuggaloBrotha]

That would be correct, although you should keep in mind that the native code only exists in memory when the program is running, once the program is no longer running the native code is destroyed