The general answer is that "this is wherever the driver wants it to be." For "DYNAMIC" resources, they are usually placed in memory available for both the processor and the GPU (on modern PCs, this is allocated via the PCIe bus). For "STATIC" resources, they can be in video memory available only to the GPU, which is copied through a "common" memory window or if limited space is placed in a "common" memory window. Render Targets are usually placed in video memory.
For a deeper insight into Direct3D video memory management, see the section "Why won't your Windows game work in 2,147,352,576?" which is no longer on the MSDN download, but can be found on my blog .
If you want detailed hardware details, read the documentation.
You can also find a sample of Video Memory in the MSDN Code Gallery educational gallery.
source share