FASM 1.49 does not run in a bochs!!!

bochs errors:

00119260537p[CPU ] >>PANIC<< interrupt(real mode) vector > limit
00119260537i[SYS ] Last time is 1070260406
# In bx_win32_gui_c::exit(void)!
00119260537i[CPU ] real mode
00119260537i[CPU ] CS.d_b = 16 bit
00119260537i[CPU ] SS.d_b = 16 bit
00119260537i[CPU ] | EAX=00000b7e EBX=00000400 ECX=00000000 EDX=00000000
00119260537i[CPU ] | ESP=00001006 EBP=00000912 ESI=000001b2 EDI=00003700
00119260537i[CPU ] | IOPL=0 NV UP DI PL ZR NA PO NC
00119260537i[CPU ] | SEG selector base limit G D
00119260537i[CPU ] | SEG sltr(index|ti|rpl) base limit G D
00119260537i[CPU ] | DS:7202( 0002| 0| 0) 00072020 000fffff 1 0
00119260537i[CPU ] | ES:b7e0( 0002| 0| 0) 000b7e00 000fffff 1 0
00119260537i[CPU ] | FS:0bae( 0002| 0| 0) 0000bae0 000fffff 1 0
00119260537i[CPU ] | GS:0000( 0002| 0| 0) 00000000 000fffff 1 0
00119260537i[CPU ] | SS:1aa6( 0002| 0| 0) 0001aa60 000fffff 1 0
00119260537i[CPU ] | CS:0000( 0001| 0| 0) 00000000 0000ffff 0 0
00119260537i[CPU ] | EIP=00000014 (00000014)
00119260537i[CPU ] | CR0=0x00000010 CR1=0x00000000 CR2=0x00000000
00119260537i[CPU ] | CR3=0x00001aa6 CR4=0x00000000
00119260537i[ ] restoring default signal behavior
========================================================================
Bochs is exiting with the following message:
[CPU ] interrupt(real mode) vector > limit
========================================================================


1.48 runs without any permission.

What is bochs???

Emulator, like vmware.

It seems that both vmware and bochs are not able to emulate unreal mode (the one with 32-bit code) correctly. But fasm still should run correctly under V86 with DPMI services on such emulators.