Packet flow through IPFW+IPF+IPNAT ?

[Vandyuk Eugene]

   Hi.

   On my FreeBSD 4.8 configured IPFW2+IPF+IPNAT and I use them all:
   - IPFW - traffic accounting, shaping, balancing and filtering;
   - IPFilter - policy routing;
   - IPNAT - masquerading.
   I want to know, how IP-packets flow through all of this components?
What's the path?
   incoming: IPFW Layer2 -> IPFW&Dummynet -> IPNAT -> IPFilter ?
   outgoing: IPFW Layer2 -> IPFW&Dummynet -> IPFilter -> IPNAT ?
Is this correct? Or IPNAT on the incoming packets run before IPFW L3:
   incoming: IPFW Layer2 -> IPNAT -> IPFW&Dummynet -> IPFilter ?
I think this path is more preferable, because IPFW always use not
masqueraded IP-headers.

Any help appreciated.