Opinions on what to upgrade first; speakers or DAC

Okay, so i have been piecing together a moderate system for my ultra tiny apartment.

The setup currently consists of:

B&K AVR202
Pioneer ELITE BDP-05fd
Vintage KEF C-Series speakers with NOS woofers just installed :)
Apple TV fed to the B&K via optical
Panamax line conditioner
Audioquest King Cobra interconnects from analog outs on Pioneer to B&K
Paul Speltz anti cable speaker cables

I have been toying around with the idea of upgrading something, i guess because the last setup i had sounded leaps and bounds better it was:

Audible Illusions M3A pre
Classe CDP.5
B&K Ref4420
B&W CDM9NT speakers

I know we are obviously talking about two totally different price points, but i am taking opinions on what would be the next best upgrade?