Packages and models are stored as set of folders on Microsoft Dynamics 365 for Finance and Operations, Enterprise edition application server. The following image represents the folder structure:

As shown in the diagram, PackagesLocalDirectory (called model store) is root folder which contains the individual packages for example ApplicationCommon, ApplicationFoundation, ApplicationSuite, and so on. Each package can contain one or more models; for example ApplicationSuite package contains multiple models Electronic Reporting Application Suite Integration and Foundation. Each model contains folders containing metadata elements and code.