The following 3 memory screens were obtained by running:
MEM /C > C:\path\WIN95MEM.TXT
with Windows 95 started, at a DOS prompt (MS-DOS Windows 95 session),
after an MS-DOS 7.00 (Windows 95) bootup. Notice the presence of the
"vmm32" and "WIN" modules and second "COMMAND" interpreter module on the
memory screens (Win95's basic registry modules and protected mode are
enabled).
running "MEM /C /P" from a DOS prompt within Win95 doesn't display
Win95's 32bit protected mode drivers loaded in extended memory (you can
only see the amount of total/used/free extended memory under Win95)!
To see what devices/drivers/TSRs are loaded in DOS mode at boot time,
open my AUTOEXEC.BAT and CONFIG.SYS files (included in this archive) with
Notepad in Win95 (or with EDIT.COM in MS-DOS mode).
As you can see, QEMM386.SYS allows for a maximum of 613KB of low memory
in a DOS prompt window.
Read also MSD95.TXT for technical details about my system.
I used 3 different memory managers (with all drivers/devices/TSRs
loaded in upper memory):


1. Using Windows 95 versions of EMM386.EXE and HIMEM.SYS memory managers:

Modules using memory below 1 MB:

  Name           Total           Conventional       Upper Memory
  --------  ----------------   ----------------   ----------------
  SYSTEM      14,976   (15K)     10,000   (10K)      4,976    (5K)
  HIMEM        1,168    (1K)      1,168    (1K)          0    (0K)
  EMM386       4,320    (4K)      4,320    (4K)          0    (0K)
  COMMAND      7,008    (7K)         64    (0K)      6,944    (7K)
  WIN          2,560    (3K)      2,560    (3K)          0    (0K)
  vmm32        8,320    (8K)      6,496    (6K)      1,824    (2K)
  COMMAND      6,896    (7K)      6,896    (7K)          0    (0K)
  SBCD        12,192   (12K)          0    (0K)     12,192   (12K)
  CSP          7,168    (7K)          0    (0K)      7,168    (7K)
  MOUSE       17,104   (17K)          0    (0K)     17,104   (17K)
  FAST         1,040    (1K)          0    (0K)      1,040    (1K)
  UNIVBE       9,008    (9K)          0    (0K)      9,008    (9K)
  MSCDEX      16,576   (16K)          0    (0K)     16,576   (16K)
  SMARTDRV    33,488   (33K)          0    (0K)     33,488   (33K)
  RECALL       2,368    (2K)          0    (0K)      2,368    (2K)
  --------     2,624    (3K)          0    (0K)      2,624    (3K)
  IFSHLP       2,896    (3K)          0    (0K)      2,896    (3K)
  ANSI         3,184    (3K)          0    (0K)      3,184    (3K)
  Free       623,264  (609K)    623,264  (609K)          0    (0K)

Memory Summary:

  Type of Memory       Total         Used          Free
  ----------------  -----------   -----------   -----------
  Conventional          655,360        32,096       623,264
  Upper                 121,392       121,392             0
  Reserved              393,216       393,216             0
  Extended (XMS)     32,384,464     4,732,368    27,652,096
  ----------------  -----------   -----------   -----------
  Total memory       33,554,432     5,279,072    28,275,360

  Total under 1 MB      776,752       153,488       623,264

  Total Expanded (EMS)                 28,360,704    (27M)
  Free Expanded (EMS)                   1,048,576 (1,024K)
  Largest executable program size         623,248   (609K)
  Largest free upper memory block               0     (0K)
  MS-DOS is resident in the high memory area.


2. Using Helix NetRoom's RM386.EXE version 3.04 updated memory manager:

Modules using memory below 1 MB:

  Name           Total           Conventional       Upper Memory
  --------  ----------------   ----------------   ----------------
  SYSTEM      14,960   (15K)      9,984   (10K)      4,976    (5K)
  RM386        4,848    (5K)      4,848    (5K)          0    (0K)
  COMMAND      7,008    (7K)         64    (0K)      6,944    (7K)
  WIN          2,560    (3K)      2,560    (3K)          0    (0K)
  vmm32       14,496   (14K)      7,136    (7K)      7,360    (7K)
  COMMAND      6,896    (7K)      6,896    (7K)          0    (0K)
  SBCD        12,192   (12K)          0    (0K)     12,192   (12K)
  CSP          7,168    (7K)          0    (0K)      7,168    (7K)
  MOUSE       17,104   (17K)          0    (0K)     17,104   (17K)
  FAST         1,040    (1K)          0    (0K)      1,040    (1K)
  RECALL       2,368    (2K)          0    (0K)      2,368    (2K)
  UNIVBE       9,008    (9K)          0    (0K)      9,008    (9K)
  MSCDEX      16,576   (16K)          0    (0K)     16,576   (16K)
  SMARTDRV    33,488   (33K)          0    (0K)     33,488   (33K)
  --------     2,624    (3K)          0    (0K)      2,624    (3K)
  IFSHLP       2,896    (3K)          0    (0K)      2,896    (3K)
  ANSI         3,184    (3K)          0    (0K)      3,184    (3K)
  Free       623,248  (609K)    623,248  (609K)          0    (0K)

Memory Summary:

  Type of Memory       Total         Used          Free
  ----------------  -----------   -----------   -----------
  Conventional          655,360        32,112       623,248
  Upper                 126,928       126,928             0
  Reserved              393,216       393,216             0
  Extended (XMS)     32,378,928     6,668,336    25,710,592
  ----------------  -----------   -----------   -----------
  Total memory       33,554,432     7,220,592    26,333,840

  Total under 1 MB      782,288       159,040       623,248

  Total Expanded (EMS)                 26,427,392    (25M)
  Free Expanded (EMS)                   1,048,576 (1,024K)
  Largest executable program size         623,232   (609K)
  Largest free upper memory block               0     (0K)
  MS-DOS is resident in the high memory area.


3. Using QuarterDeck's QEMM386.SYS version 8.01 updated memory manager:

Modules using memory below 1 MB:

  Name           Total           Conventional       Upper Memory
  --------  ----------------   ----------------   ----------------
  SYSTEM      14,432   (14K)      9,456    (9K)      4,976    (5K)
  QEMM386        784    (1K)        784    (1K)          0    (0K)
  COMMAND      7,008    (7K)         64    (0K)      6,944    (7K)
  WIN          2,560    (3K)      2,560    (3K)          0    (0K)
  vmm32       11,072   (11K)      7,632    (7K)      3,440    (3K)
  COMMAND      6,896    (7K)      6,896    (7K)          0    (0K)
  SBCD        12,192   (12K)          0    (0K)     12,192   (12K)
  CSP          7,168    (7K)          0    (0K)      7,168    (7K)
  MOUSE       17,104   (17K)          0    (0K)     17,104   (17K)
  FAST         1,040    (1K)          0    (0K)      1,040    (1K)
  UNIVBE       9,008    (9K)          0    (0K)      9,008    (9K)
  MSCDEX      16,576   (16K)          0    (0K)     16,576   (16K)
  SMARTDRV    33,488   (33K)          0    (0K)     33,488   (33K)
  RECALL       2,368    (2K)          0    (0K)      2,368    (2K)
  --------     2,624    (3K)          0    (0K)      2,624    (3K)
  IFSHLP       2,896    (3K)          0    (0K)      2,896    (3K)
  ANSI         3,184    (3K)          0    (0K)      3,184    (3K)
  Free       627,344  (613K)    627,344  (613K)          0    (0K)

Memory Summary:

  Type of Memory       Total         Used          Free
  ----------------  -----------   -----------   -----------
  Conventional          655,360        28,016       627,344
  Upper                 123,008       123,008             0
  Reserved              393,216       393,216             0
  Extended (XMS)     32,382,848     4,714,368    27,668,480
  ----------------  -----------   -----------   -----------
  Total memory       33,554,432     5,258,608    28,295,824

  Total under 1 MB      778,368       151,024       627,344

  Total Expanded (EMS)                 28,377,088    (27M)
  Free Expanded (EMS)                   1,048,576 (1,024K)
  Largest executable program size         627,328   (613K)
  Largest free upper memory block               0     (0K)
  MS-DOS is resident in the high memory area.