Consider this:
List obj_list = get_the_list();
foreach( MyClass obj in obj_list )
{
obj.property = 42;
}
Is obj
Well, without understanding exactly what you mean by "Iterate by reference", I can't answer specifically yes or no, but I can say that what's going on under the surface is that the .net framework is constructing an "enumerator" class for each time client code calls a foreach, for the life of the foreach, that maintains a reference pointer into the collection being iterated over, and each time your foreach iterates, ir "delivers" one item and "increments" the pointer or reference in the enumerator to the next item...
This happens regardless of whether the items in the collection you are iterating over are values types or reference types.