// Declarations:
List<SomeType> list1 = new List<SomeType>();
List<SomeType> list2 = new List<SomeType>();
...
SomeType something = new SomeType("SomeName");
list1.Add(something);
list2.Add(something);
Remember, when you add an object to a list, you're really just adding a pointer to the object. In this case, list1 and list2 both point to the same address in memory.
list1[indexOfSomething] = new SomeType("SomeOtherName");
Now you've assigned the element list1 to a different pointer.
You're not really cloning objects themselves, you're copying the pointers which just happen to be pointing at the same object. If you need proof, do the following:
SomeType something = new SomeType("SomeName");
list1.Add(something);
list2.Add(something);
list1[someIndex].SomeProperty = "Kitty";
bool areEqual = list1[someIndex].SomeProperty == list2[someIndex].SomeProperty;
areEqual
should be true. Pointers rock!