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A stream (aka branch) is a ‘time machine’ for a collection of files and folders. The stream contains all revisions of every file and folder so you can go ‘back in time’ and get the files for every changeset that is submitted.
Every version, feature and release will have a corresponding stream to hold the necessary files and folders.
You can always create new streams directly (without a version, feature or release) giving you complete flexibility. You can access the streams within the Administration view. If the Project User policy is disabled then the Repository view is also enabled allowing you to quickly view the streams.