=IF(A1<=TIME(12,0,0),"Morning Report",IF(A1<=TIME(13,0,0),"Afternoon Report","Evening Report"))

check this out !!!

1) in starting you have written if Cell A1 is equaly or between 12:00PM to 17:59 PM then CELL B1 should display Afternoon Report
2) Then you wrote Afternoon Status is only between 12:00hr till 13:00hrs.

Please stick to one parameter only

Regards,
mandeep baluja