When we initially enter Saved Reports, even though the default display setting is 20 per page we see a long list of our 78 reports. If we then click the NEXT "icon" to enter page 2, then back to page 1 we are then limited to seeing ONLY 40 reports from our total of 78.
Sounds like Bug 7406. Please re-open if I'm wrong. *** This bug has been marked as a duplicate of bug 7406 ***