The report '{0}' is in an earlier report format and must be automatically upgraded before opening it in Report Builder 3.0. ...

The report '{0}' is in an earlier report format and must be automatically upgraded before opening it in Report Builder 3.0.  Some reports might not render in the same way after upgrade. Make a back up of the report before proceeding.

Choose Yes to upgrade and open the report. The report will be permanently upgraded to the new format.

Choose No to keep the report in the current format.  The report will not be opened.