Where are .NET User Settings stored IF User = SYSTEM?

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I've been working with an updated to update one of my apps and using Properties.Settings.Default.Upgrade() and discovered that after my updater restarts my app, it is run under the SYSTEM user instead of the default/logged in user.

This got me wondering, where is the user.config for SYSTEM stored?
I know where the user.config is stored normally (C:\Documents and Settings\%USERPROFILE%\Local Settings\Application Data\etc...), but there isn't a folder in Documents and Settings for the SYSTEM user. Does anybody know where it is or/how .NET handles this?

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