Read the list of ingredients: dehulled soybean meal, wheat middlings and ground corn are the first three. Then we finally see some fish meal, followed by rice bran and then...my personal favourite here...poultry by-product meal, i.e. ground up feathers.
I wouldn't feed this stuff to my worst enemy's wife's sister's dog.
If you read the directions for use, the implication seems to be that while you are feeding this to your fish, you shouldn't expect it to be their sole diet. They seem to hint that it improves the growth and vitality of forage fish, which are then eaten by the game fish. It's all somewhat vague; purposefully so, I'm certain.
Back in my early days in the hobby, I used a lot of Trout Chow as sold by Big Al's; never checked the ingredients, as I hadn't become as untrusting as I am today, but it was probably just this bad. Glad I didn't realize it at the time; I would have likely quit the hobby and taken up golf or something equally silly...