  We study properties of transfer matrices in the sl(N) spin chain models. The
transfer matrices with an infinite dimensional auxiliary space are factorized
into the product of N commuting Baxter Q-operators. We consider the transfer
matrices with auxiliary spaces of a special type (including the finite
dimensional ones). It is shown that they can be represented as the alternating
sum over the transfer matrices with infinite dimensional auxiliary spaces. We
show that certain combinations of the Baxter Q-operators can be identified with
the Q-functions which appear in the Nested Bethe Ansatz.
