There were also legal and advisory fees, in large amounts.

The advisory fees alone would probably reach $200 million.

Much of the advisory fee is pure profit, going to the fund company's public shareholders or to the company itself.

"They're definitely taking care of themselves on the advisory fees," he said.

Management and advisory fees still consume most available income.

Because of these changes at 17 funds, overall advisory fees will fall to $44.8 million a year from $54.4 million, the company said.

Most notable is investment banking, where advisory fees declined 18 percent last year, compared with 2003.

It also spent $2.7 million for legal and advisory fees related to its bankruptcy proceedings.

The advisory fees were assessed as a percentage of the deal size.

Until it does, it expects to pay more than $1 million a month in advisory fees.