Here is an example based answer. In this example below pcList is just initialized and is pointed to null(java do this for you, if it's a static or class member) since there are no empty list or values assigned to it.
List
Right now, pcList is assigned a new empty ArrayList. It does not have any values yet, but all positions in the list are empty and this pcList with the datatype ArrayList is pointed towards this new empty ArrayList.
List
If an Object reference has been declared but not instantiated, its value is null.