MSDN says:
When creating a CTime object, set the nDST parameter to 0 to indicate that standard time is in effect, or to a value greater than 0 to indicate that daylight savings time is in effect, or to a value less than zero to have the C run-time library code compute whether standard time or daylight savings time is in effect.
Under 'constructors' it says:
CTime( int, int, ...); Constructs a CTime object from local time components with each component constrained to the following ranges:
[table edited out]
This constructor makes the appropriate conversion to UTC.
So what timezone does it think it is in? The result will depend on that, since it's converting the result from local time to UTC.
Peter