The Report/Label Saved Settings screen Last Used option is used to print the Report or Label with the settings used when they were last run.
If the last setting used was one that was saved with a Name, it is displayed as: Last Used - followed by the Name of the setting.
If the last setting used was one not saved with a Name, it is displayed just as: Last Used.
The Last Used setting can be either a Local Setting or a Shared Setting.
See:
Report/Label Editor Contents
Report Manager Contents
Label Manager Contents