I've seen it both ways. Sometimes they spread out all thru the water column and you just have to pick around to catch them and sometimes there will be a ton up shallow. Find the shad. Even if they're 30ft deep there will be fish there
NOW this makes sense to me. I was fishing Belton Sunday, and Belton has some pretty deep coves.
I was trying a few different things without much success, so I switched to a shaky head and a PB&J worm.
Started getting some bites in 30 feet of water up in a cove. Ended up catching three dinks, a 2.5 and a 3.5 pounders.
But was a little puzzled as to why they were so deep, then I remember seeing balls of baitfish on the graph, and they were around 15 feet deep.