There is nothing "out of the box" to do this. Here a some thoughts:
1) You could have two copies of the report; One that runs every day and only keeps the latest instance (Daily Report), and one that runs onces a month and keeps all instances (Monthly Report).
2) You could manually delete the instances you do not want to keep.
3) You could write a program to automate #2.
4) You could investigate 3rd party solutions (e.g. APOS) - I think they have some Archiving tool although I've never used it.
I'll add to Kingfisher's suggestion. Scheduled the report twice (daily and monthly), but set the destination to Unmanaged Disk (Shared Drive) for the monthly report. You could still manage instances in CE as would normally, but the monthly report would be archived.
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