It's possible you imported the new 4th edition files to a different folder from where they originally were. When you load Hero Lab, how many "4th edition" entries do you see on the "Select a Game" screen? Is there more than one? (You might have to scroll the window to see the second "4th edition" entry.)
Alternatively, did you install Hero Lab in the same place as the old version, or did you install it in a new folder? If you installed HL in a new folder, you'll need to run the downloader in the new folder for it to have any effect.
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