diff --git a/bootstrap.jam b/bootstrap.jam
index 7c903808e..a4ea30696 100644
--- a/bootstrap.jam
+++ b/bootstrap.jam
@@ -20,11 +20,18 @@ include <jam-module>boost-base.jam ;
 #
 if $(JAM_VERSION) && $(JAM_VERSION:J="") >= 030101 &&  $(JAM_VERSION:J="") < 030104
 {
+    # Only the last invocation of UPDATE takes effect; we must
+    # accumulate the entire list before invoking UPDATE.  I always
+    # thought this was a confusing semantics, and probably the fact
+    # that the author of UPDATE got it wrong is proof.
+    
+    local t ;
     for local e in $(ARGV[2-])
     {
         if ! [ MATCH "^(-).*" : $(e) ]
         {
-            UPDATE $(e) ;
+            t += $(e) ;
         }
     }
+    UPDATE $(t) ;  
 }
diff --git a/v1/bootstrap.jam b/v1/bootstrap.jam
index 7c903808e..a4ea30696 100644
--- a/v1/bootstrap.jam
+++ b/v1/bootstrap.jam
@@ -20,11 +20,18 @@ include <jam-module>boost-base.jam ;
 #
 if $(JAM_VERSION) && $(JAM_VERSION:J="") >= 030101 &&  $(JAM_VERSION:J="") < 030104
 {
+    # Only the last invocation of UPDATE takes effect; we must
+    # accumulate the entire list before invoking UPDATE.  I always
+    # thought this was a confusing semantics, and probably the fact
+    # that the author of UPDATE got it wrong is proof.
+    
+    local t ;
     for local e in $(ARGV[2-])
     {
         if ! [ MATCH "^(-).*" : $(e) ]
         {
-            UPDATE $(e) ;
+            t += $(e) ;
         }
     }
+    UPDATE $(t) ;  
 }