Missing Report Builder From localhost

I have reporting service set up. I am running Vista Business and for some reason I can not seem to understand why my localhost page does not have the "Report Builder" software/icon on the page. Can anyone point me to the right direction. I am almost certain that the problem may be a slight oversight on my part. I just can not figure out for the life of me what that oversight is.
Attached is a screen shot of the page,
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I have it installed on my local machine, and I open the app from localhost/reportserver/reportbuilder/reportbuilder.application

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imanymAuthor Commented:
The information you provided is very helpfull, I will take a look at it. Have you also noticed that there is no Settings selection in the upper right hand corner of the page of my screen shot?
imanymAuthor Commented:
Thanks so much you have shed light on my issue. Turns out I needed to open SQL Server Management Studios in "Run as administrator" mode (by right clicking the icon ). I then added granted administrtive permissions to my local user name in Reporting Services.
Thanks again, I new it was something simple. I completely forgot that I created a user account to access the localhost report server.
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Microsoft SQL Server 2005

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