Index: /trunk/src/VBox/VMM/VMMR0/HMVMXR0.cpp
===================================================================
--- /trunk/src/VBox/VMM/VMMR0/HMVMXR0.cpp	(revision 49578)
+++ /trunk/src/VBox/VMM/VMMR0/HMVMXR0.cpp	(revision 49579)
@@ -7900,4 +7900,10 @@
         AssertRC(rc);
         STAM_COUNTER_INC(&pVCpu->hm.s.StatPreemptSaveHostState);
+
+        /*
+         * Prevent unnecessary host-state updates in case fUpdatedHostMsrs remains false 
+         * throughout execution (e.g. if we are not swapping any MSRs)
+         */
+        pVCpu->hm.s.vmx.fUpdatedHostMsrs = true;
     }
     Assert(!VMCPU_HMCF_IS_PENDING(pVCpu, HM_CHANGED_HOST_CONTEXT));