Creating a Report with Sub Forms

Creating a Report with Sub Forms

I am trying to figure out the best way to create a report based on Sub Form data.  Preferably a spreadsheet report.  Here's my scenario.
Say we have a form called DATA.  The DATA form contains two forms as sub forms, let's call them OLD and NEW.
I'd like to create a spreadsheet report for each entry in DATA that includes fields from each sub form , OLD and NEW.  Is this possible?
Thanks!