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WinMD files, or Windows Metadata files, primarily contain both metadata and code. This structure is designed to enable the Windows Runtime (WinRT) to provide language projection, allowing different programming languages to access and utilize Windows APIs seamlessly.

The metadata provides information about the types, properties, methods, and events defined in a component, which is essential for interoperability among different languages. For instance, when a developer uses a WinMD file in a project, the metadata allows the code to be correctly interpreted and utilized, regardless of whether it’s written in C#, VB.NET, or another supported language.

In addition to metadata, WinMD files also include compiled code that can be executed by the Windows Runtime. This combined presence of both elements is what allows these files to serve as a bridge between unmanaged and managed code and facilitate efficient cross-language interactions.

The other options are limited in scope: insisting on "only code," for instance, overlooks the critical aspect of metadata that supports understanding and utilization of that code across various programming environments. Similarly, the presence of "images and metadata" or "executable instructions only" fails to capture the essential role of both metadata and code in WinMD files.