Upgrade kvm host and guest from 9.4 to 9.10

[Valerio Felici]

Hi, I'm thinking to upgrade a physical server with a virtual (kvm) one 
from jaunty to karmic.

Which is best way to do that?

First upgrade pysical or virtual machine?

There is a place where similar procedure is documented?

Many thanks in advance.
-- 
A  presto
-Valerio-