We have released Update 1 for SCVMM 2012 R2 and is described here:

2904712 Description of Update Rollup 1 for System Center 2012 R2 Virtual Machine Manager

http://support.microsoft.com/kb/2904712

 

Step 1:

On the VMM server, install “Virtual Machine Manager Server (KB2904712)”

http://catalog.update.microsoft.com/v7/site/Search.aspx?q=2904712

Step 2:

Go thru the SQL script in the SQL Management Studio:

Note:  If your SQL server for VMM is installed on a separate server, this step is done where the SQL server is or wherever you have your SQL Management Studio installed.

Note 2:  Make sure that you select the SQL for VMM when you run this “New query”.

The SQL script is available from:

2904712 Description of Update Rollup 1 for System Center 2012 R2 Virtual Machine Manager

 

and it’s under the following:

Important After you install the update package, you must apply the following SQL script on your Virtual Machine Manager Microsoft SQL Server database for Update Rollup 1 to function correctly.

 

For the manual step (SQL script), here is a step-by-step video by Steve Bucci.

 

Step 3:

On the VMM server, install “Virtual Machine Manager Console (KB2919248)”

http://catalog.update.microsoft.com/v7/site/Search.aspx?q=2919248