To fix this I went ahead and downloaded Report Builder 3.0,
The following link provides more information about the process we will perform:
http://technet.microsoft.com/en-us/library/gg712698.aspx#BKMK_ReportBuilder3 .
1. On the computer running the Configuration Manager console, open the Windows Registry Editor. (Start, type REGEDIT and press Enter)
2. Browse to HKEY_LOCAL_MACHINE/SOFTWARE/Wow6432Node/Microsoft/ConfigMgr10/AdminUI/Reporting
3. Double-click the ReportBuilderApplicationManifestName value to edit the value data.
4. Change ReportBuilder_2_0_0_0.application to ReportBuilder_3_0_0_0.application, and then click OK.
5. Close the Windows Registry Editor.
With SP1 you need to edit:
"C:\Program Files (x86)\Microsoft Configuration
Manager\AdminConsole\bin\Microsoft.ConfigurationManagement.exe.config"
Scroll down to the
In my case it originally contained
http://blogs.technet.com/b/smartinez/archive/2012/07/03/system-center-2012-configuration-manager-create-report-don-t-work-what-do-i-do-now.aspx