Cubase & Halion Sonic SE Not Keeping Up with Program Change Events

Back in 1998, when I composed this MIDI file, I was very skeptical about the performance of my home-built computer-music set up. I put together this  sequence largely consisting of a melody track that had a single channel of semiquavers with program change messages on each note, as a test case. Just to make it sound a little wider, I created a 2nd track, identical to the first but, delayed by a few milliseconds. To my surprise, the setup could render the sequence perfectly.  Years later, I submitted the file to the solmire.co.m rendering service and, it also produced great results: 

I recently tried to work with this same MIDI file using Cubase and Halion Sonic. The results were more problematic

. The background music to this video is my original composition Five Eighths Inch Wrench. It might sound like it’s in triple meter but, it’s actually 5/8. (If your comment below asks, I’ll send you a MIDI of the drum part alone to remove all doubt.) There’s a short version on soundcloud.