Are timeline nodes appiled before or after clip nodes?

Title says it all. I chose "Timeline" on the color page, added a node, applied a LUT. Is the LUT applied before or after the changes of the individual clips?

(I'm aware about setting up LUTS in the project settings, I'm just curious about the order of operations if you do it on the color page. I want the LUT to be applied before my grading/corrections [Slog3->Rec709].)

Thank you!

After

you have

[group pre clip] -- [clip] -- [group post clip] -- [timeline] -- [lut in settings if active]