To fix the Time out error in Reports
please add this line before the line 

this._commandCollection[0].CommandTimeout = 360;

before the line 
this._commandCollection[0].CommandText = "Report Procedure Name";

in the disigner.cs file of the respective dataset.

Note: 
This line could be thier Multiple times.
You have to put it only for the main sp not for those, where filters are loading.
Because filters does not take much time to load.

Also Note:
There could be multiple Reports using same dataset. Like BloombergOptionOppReport dataset is being used by both Bloomberg Option Opportunity Report and 
Bloomberg Option Opportunity Report. Here we need to add the line

this._commandCollection[0].CommandTimeout = 360;

for each stored procedure on the respective places.

Also note each time you make any changes in the dataset those lines will be deleted. 
you  must manually add them.