Webi schedule Recurrence - Nth Day of the Month

Hi All,

I'm working on setting up some report schedules for a particular business day of the month each month, let's say" 7th business day each month". I know I can achieve this by using BO Calenders but am also very curious to find out if "Nth day of the Month" option means "Nth BUSINESS day of the month " and can I use this option instead of a custom calender marked with specified dates ?

I was trying to find an answer online and was unsuccessful to find any explanation around Nth day definition, your inputs will be greatly appreciated.  

Thanks

Gaurav