Your bookmarks files might be there... if not, then IE might have removed them during the update.
I remember saving my bookmarks before upgrading from previous IE versions, but that was years ago. I've been using Mozilla and Firefox.
Interesting enough, I just checked, and it seems that Microsoft claimed that IE7 keeps bookmarks from IE6 during the upgrade... so it could be a bug if their updates kill the bookmarks.
BTW, A big advantage of Firefox over IE is that it syncs up bookmarks from previous browsers. Pretty amazing.
Do I get a 抱抱 even though I might not have been helpful?