You are using the default Gamestudio bones shader, right? The one which "calls" DoBones(...) and includes <bones> at the top.
If so, go to the code subfolder of your Gamestudio installation. Open default.fx, search for "include_bones". There you will find the matBones definition:
float4x3 matBones[72];

You can increase it but it might give you an error during shader compile. Then you will have to change the shader version to 3_0, as in
Code:
technique bones
{
	pass { VertexShader = compile vs_3_0 bones_VS(); }
}

That's fine though, pretty much every PC/ graphics card does support shader model 3.

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