Hi,
Welcome at the VMware communities forum.
Basically it should "just come over"
However good practice is to have your VM shut down before running the upgrade.
Also sensible is to make a good copy of your VM before experimenting with it.
Oh.. and use Fusion 7.1.1 and not Fusion 7.1.2 as it has a vmware tools problem with OS's earlier as Windows XP SP3 (which hopefully will be fixed again in Fusion 7.1.3)
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Wil