"Saved Reports" menu stores saved filters created under "Monitoring" or "Custom Reports". "Saved Reports" enables reusing of filters without redefining them. Also, "Saved Reports" or ,basically filters, can be scheduled daily, weekly and monthly basis to create reports. These reports will be send to the user as a mail who creates schedule definition.
Figure 1. Create Filter and Save It
Figure 2. Schedule Saved Filters under Saved Reports menu