1. Trunk: main body of development, originating from the the start of the project until the present.

2. Branch: a copy of code derived from a certain point in the trunk that is used for applying major changes to the code while preserving the integrity of the code in the trunk. If the major changes work according to plan, they are usually merged back into the trunk.

3. Tag: a point in time on the trunk or a branch that you wish to preserve. The two main reasons for preservation would be that either this is a major release of the software, whether alpha, beta, RC or RTM, or this is the most stable point of the software before major revisions on the trunk were applied.

Branching/Tagging in TortoiseSVN is explained at http://tortoisesvn.net/docs/release/TortoiseSVN_en/tsvn-dug-branchtag.html

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