PDFMaker can be used to convert Microsoft Outlook or Lotus Notes email messages or folders of messages to a merged PDF or PDF Portfolio. Within a PDF Portfolio, each email message appears as a separate PDF file.
The Acrobat PDFMaker Conversion Settings dialogue box contains the option that determines whether email messages are merged into one continuous PDF or assembled into a PDF Portfolio.

Note: You need Adobe Reader 8 or above to view PDF Portfolios.
To convert email folders, select the folder and click Create Adobe PDF From Folders
Two emails were selected in Outlook (2007-2010) and converted to PDF. Above is the PDF containing the emails.