And just so that you hear from the other side, I never reuse a profile.
I export, using my own method, all the passwords, etc. and import into a new profile which KM builds on its first run. When I tried to import my 75.1 passwords, my system failed. I then looked and found that the storage method had changed. My solution was to run both 75 and 76 at the same time and use View Data password
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