Regulation 67(1) An approved trustee of a registered scheme shall ensure that an investment report is prepared for each financial period of the scheme. (2) The investment report shall include (a) an analysis of the investments held by the trustee in respect of the scheme and particulars of the income derived from the investments during the financial period concerned; (b) a commentary by the trustee on the analysis; (c) particulars of the investment policy followed by the trustee during the financial period and any change in the statement of investment policy that will materially affect the risk attached to the investments of the scheme; (d) for each constituent fund of the scheme for the financial period and for each of the two immediately preceding financial periods if any(i) the amount of net income excluding capital appreciation or depreciation derived from the investment of the funds of the scheme; (ii) the amount by which the value of the scheme assets has appreciated or depreciated during the financial period; and (iii) the value of the scheme assets derived from the investment of the funds of the scheme as ascertained in accordance with the applicable accounting guideline.(3) Information in relation to an investment report shall be adequate to provide scheme members with a proper understanding of(a) the investments made in respect of the scheme; (b) the net return derived from those investments excluding any appreciation or depreciation of the value of the scheme assets attributable to those investments; and(c) the appreciation or depreciation of the value of the scheme assets attributable to the investments.