Installed 3.4.0c1:
C:\Programs\Python34.32>python -m test test_frozen
[1/1] test_frozen
test test_frozen failed -- Traceback (most recent call last):
  File "C:\Programs\Python34.32\lib\test\test_frozen.py", line 23, in test_frozen
    self.assertEqual(set(dir(__hello__)), expect)
AssertionError: Items in the first set but not the second:
'__spec__'
Items in the second set but not the first:
'__cached__'

This was noted in #18864 by Eric Snow about 70 days ago in msg203340 but seems to have been lost. I think it needs a separate issue so it does not get lost and so the failing test might temporarily be disabled while there is a corresponding open issue.

On freshly compiled 3.4.0c1+, I have a separate problem:

F:\Python\dev>4\py34\pcbuild\python_d.exe -m test test_frozen
[1/1] test_frozen
test test_frozen crashed -- Traceback (most recent call last):
  File "F:\Python\dev\4\py34\lib\test\regrtest.py", line 1271, in runtest_inner
    the_module = importlib.import_module(abstest)
  File "F:\Python\dev\4\py34\lib\importlib\__init__.py", line 104, in import_module
    return _bootstrap._gcd_import(name[level:], package, level)
  File "<frozen importlib._bootstrap>", line 2230, in _gcd_import
  File "<frozen importlib._bootstrap>", line 2213, in _find_and_load
  File "<frozen importlib._bootstrap>", line 2200, in _find_and_load_unlocked
ImportError: No module named 'test.test_frozen'

Indeed, it is not there and hg does not report anything amiss.