At 18:53 -0500 on 02/28/2007, (IBM Mainframe Discussion List) wrote about Re: IBM S/360 series operating systems history:

MVT was first virtualized in early 1974 as OS/VS2 Release 1, better known  as
SVS (Single Virtual Storage).  A fuller version, OS/VS2 Release  2, was
available a year or so later, and it was quickly renamed MVS for Multiple Virtual Storages. MFT evolved into VS1.

SVS was MVT with Virtual Storage (a 16Meg Machine). MVS split the 16Meg into 3 Areas - At the bottom and top of the memory space was the Operating System and memory shared between the running Address Spaces/Programs (the same mapping as with MVT and SVS). The big difference from SVS was the 3rd area where the Programs ran - In MVS, each program had its own copy of this address range so that it had access to all the memory that was not reserved for the Operating System (in MVT, SVS, and MFT/VS1 this area was shared between all the running programs so there was a limit on the total combined size of the running programs).

VS1 was similarly MFT with VS. The Program Area was divided into Partitions (which were used to hold the running programs). When you wanted to run a program, you scheduled it to run in a Partition that was large enough to provide enough memory but not one that was much larger (if possible) since once in use, you could find that all of the large partitions were running small programs. Creating a Large Partition by combining the memory from multiple small partitions, required that they were adjacent.

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