Monthly and Yearly frequency types include an advanced setting to limit the occurrences to certain numbered occurrences within the month or year. The recurring event calculation always applies all other advanced settings first and then limits the set of dates to the numbered occurrences specified by this settings. This is useful for setting up events such as the "first weekday of the month" (see example 9 in the Advanced Recurring Examples).
For monthly events, the range is from the 1st to 31st occurrence and from the last to 31st from last occurrence.
For yearly events, the range is from the 1st to 366th occurrence and from the last to 366th from last occurrence.