Is TFS centralized or distributed?

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Tags

1. #necessary
2. #repository
3. #answers
4. #simply
5. #repositories
6. #storage
7. #central
8. #including
9. #server
10. #location
11. #other
12. #centralized
13. #users
14. #speaking
15. #synchronized
16. #system
17. #usually
18. #really
19. #distributed
20. #commits
21. #changes