The question if not about the immutability of the list, but about the immutability of the objects contained.
In fact, if you have reference types, the immutable entity in the list is the reference. This means that the reference will always be the same. Now whether the referenced object changes only depends on what kind of object it is. If the object is immutable (like, for instance, strings in both .NET and Java, or all value types in .NET), the object cannot change.
Otherwise, the object can change and all other references to the same object will see the changed state, since they hold a reference to the same instance. Therefore, as I wrote in the beginning, this is completely independent of the list (and whether it is immutable or not).