So of those points you've mentioned, maybe some issue with ARPL? Edit: Just fixed ARPL requiring to #UD fault on 8086 mode too. It was just #UD faulting when in real mode. Now it's always #UD faulting when not in protected mode(without VM flag set). Is said behaviour correct? I believe so. CPL is …

Fantastic, glad the traces helped! Edit: Whoops, it's the same, but your log puts the segments within brackets, while the common log format uses it OUTSIDE the brackets. Also things like ptr isn't used in said format(just byte, word or dword). The same with spaces, only between instruction and the …

I quickly modified my tracing to dump in the common log format, but there's probably still some differences in my disassembler. Trace of Win 3.11 starting after the file copy portion (AFAICT that's all in real mode, so I'm doubting your issue is there), up until the mode switch: https://drive.google …

Recorded a trace of Windows 3.0 starting from the first pmode switch on my emulator, if it's any help: https://drive.google.com/file/d/1Y3fD0QtX9NlstzbnUy8ZiShLDu3JyZk0/view?usp=sharing (3GB uncompressed). It's not in the same format, but if you're looking for the processor state after a specific …