VS 2008 : Multidimensional ArrayList : Replaces All ALs In First Level With Latest AL?

I am working with an ArrayList of ArrayLists. Every time I add a new ArrayList to the main AL, it replaces all previously added ALs with the new one.Here's an example

Dim al As New ArrayList
Dim al2 As New ArrayList
Dim list() As String = {"one", "two", "three"}

[code].....

I would expect the Final line should be "Final: one, two, three" but that is not the case. And if I pause and check my ArrayList (al), it shows 3 items, that all have "three" in every spot which is what the last AL I added looked like.