The Status Report image in PPM is linking to the incorrect link. It should be linking to the Status Report page.
1. In PPM go to Administration->Objects->Project-Views
2. Click on Fields next to 'Project List'
3. Change the drop down for Display to 'All' and click 'Go'
4. Click on the Properties icon next to 'Status' that is Attribute name [Virtual] and Data Type ' Status'
5. Select 'Status Reports' as the Link drop down.
6. Click 'Save and Return'
Note: For any users that have customized their Project List, in order to see this change, the Project View would need to be Published which would overwrite any user's customizations. The workaround for this behavior would be to have users make this modification from the Project List instead.