List of Values use Master Data or Trasaction Data?

Do anyone of you from where does data in the list of values is populated Transaction data or Master data or combination of both?
I know bex query could be built on a DSO, Info Cube, Info set, Mutiple Provider and Info objects. Is dependent on the type of info provider the query is built on? Could we really control the source in the lov's

its based on the data in the InfoProvider.

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