622a3669___FetchXML_reports_in_CRM_2011__SQL_Reports
[0] Queries [FetxhXML Reports] FetchXML queries are used for retrieving data for these reports (Advanced Find can be used to generate FetchXML queries). [SQL Reports] 
Data is queried using SQL statements that read the filtered views in the organization database.
Gonzalo Ruiz - Dynamics CRM: SQL vs. FetchXML reports in CRM 2011
SQL Reports