Boy, do I feel stupid. I missed errors in the bjam.log file. It looks like there was a problem generating bjam.log (but since stderr was redirected to the file, it was not obvious). Anyway, I think that is the problem, but I have no clue as to how it should be fixed. It looks like a problem with some Jamfile... Anyone got an idea? boost-test(RUN) "multi_index/test_range" : "libs\multi_index\test\test_range.cpp" "libs\multi_index\test\test_range_main.cpp" boost-test(RUN) "multi_index/test_safe_mode" : "libs\multi_index\test\test_safe_mode.cpp" "libs\multi_index\test\test_safe_mode_main.cpp" **** spirit 1.6x required to build library with this compiler **** **** skipping build of <@boost!libs!serialization!build>libboost_serialization.lib; toolset= borland variant= debug **** C:\boost\tools/build/v1\boost-base.jam:1570: in find-compatible-subvariant *** argument error * rule split-target-subvariant ( target-var properties-var toolset-var variant-var : subvariant ) * called with: ( sv-target sv-properties sv-toolset sv-variant : ) * missing argument subvariant C:\boost\tools/build/v1\boost-base.jam:2008:see definition of rule 'split-target-subvariant' being called C:\boost\tools/build/v1\boost-base.jam:1639: in link-libraries C:\boost\tools/build/v1\boost-base.jam:1834: in generate-dependencies C:\boost\tools/build/v1\boost-base.jam:1940: in subvariant-target C:\boost\tools/build/v1\boost-base.jam:2033: in main-target C:\boost\tools/build/v1\boost-base.jam:1354: in declare-local-target C:\boost\tools/build/v1\testing.jam:64: in boost-test C:\boost\tools/build/v1\testing.jam:528: in run ..\libs\multi_index\test\Jamfile:41: in load-jamfiles C:\boost\tools/build/v1\allyourbase.jam:1750: in SubInclude C:\boost\tools/build/v1\allyourbase.jam:1342: in subinclude Jamfile:36: in load-jamfiles C:\boost\tools\build\v1\bootstrap.jam:21: in boost-build C:\boost\boost-build.jam:16: in module scope