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Using the default CVS profile with local as CVS server type the path to the CVS repository is forgotten on each shutdown. If the profile is saved over the existing default the path is properly restored on next startup. Beta 2 did not require over-writing of the profile to remember the repository path.
Did you do an import of settings from 4.0 beta2? Then this is likely a duplicate of issue #52026. *** This issue has been marked as a duplicate of 52026 ***