When Outlook opens, you see:
Outlook Shortcuts: Outlook Today, Inbox, Calendar, Contacts, Tasks, Notes, and Deleted Items.
The Folders List is made up of the following:
Your mail Inbox and other mail folders in your specified mail server.
Your Calendar, Tasks, and Shared Calendars which are stored on the calendar server.
Your Contacts are stored on the address book server.
Your Outbox which is a local folder used for sending mail.