<PAGE>


                                          SECURITIES AND EXCHANGE COMMISSION

                                               WASHINGTON, D.C.  20549

                                                   FORM 10-Q

(Mark one)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE 
ACT OF 1934

      For the quarterly period ended September 30, 1997




                             OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

For the transition period from               to


                   COMMISSION FILE NUMBER 33-13375

                         IDS LIFE ACCOUNT RE
                                 OF
                     IDS LIFE INSURANCE COMPANY

         (Exact name of registrant as specified in its charter)


               MINNESOTA                         41-0823832

   (State or other jurisdiction of           (I.R.S. Employer
    incorporation or organization)            Identification No.)


      IDS TOWER 10, MINNEAPOLIS, MINNESOTA                    55440-0010


(Address of principal executive offices)                       (Zip Code)


Registrant's telephone number, including area code   (612) 671-3309



Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange 
Act of 1934 during the preceding 12 months (or for shorter period that the 
registrant was required to file such reports), and (2) has been subject to such 
filing requirements for the past 90 days.
Yes   X     No



<PAGE>



The Registrant is a separate  account of IDS Life  Insurance  Company (IDS Life)
established  pursuant to the  insurance  laws of the State of Minnesota  for the
purposes of funding real estate variable  annuity  contracts.  Unless  otherwise
specifically  noted,  the  information  set forth  herein  only  relates  to the
operations of the  Registrant  (the  "Account") and not to the operations of IDS
Life.



<PAGE>


                  PART 1 - FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS
<TABLE>

                                             IDS LIFE ACCOUNT RE

                                                      of
                                          IDS LIFE INSURANCE COMPANY

                                                   BALANCE SHEETS

                                                                               September       December 31,
                                                                                     30,
                                                                                    1997               1996

                                                                             (Unaudited)
                                                                         ----------------   ----------------
Assets:
  <S>                                                                         <C>               <C>
  Cash                                                                                --
                                                                                                    102,737
  Investments in securities, at value (Note 1)
  (identified cost $6,398,564)
                                                                               6,398,564         10,254,310
  Investments  in  unconsolidated  joint  ventures,   at  fair  value  (cost  of
  $36,116,331  and  $36,299,366  at  September  30, 1997 and  December 31, 1996,
  respectively)
                                                                              23,201,570         23,384,605
  Other assets                                                                         --
                                                                                                      4,277
                                                                         ----------------   ----------------
Total assets
                                                                              29,600,134         33,745,929
                                                                         ================   ================

Liabilities:
  Payable to IDS Life for:
    Operating expenses                                                                 --
                                                                                                     42,340
    Contract terminations
                                                                                  51,352              4,793
  Accrued mortality and expense risk fee
                                                                                  28,886             32,991
  Accrued asset management fee
                                                                                  36,108             41,239
  Other liabilities                                                                                       --
                                                                                 200,940
  Liabilities related to wholly-owned real estate property:
    Accounts payable and other liabilities                                            --
                                                                                                     79,090
                                                                         ----------------   ----------------
Total liabilities
                                                                                 317,286            200,453
                                                                         ================   ================

Contract Owners' Equity:
  Net assets applicable to Variable Annuity
  contracts in accumulation period
                                                                              29,282,848         33,545,476
                                                                         ================   ================

Accumulation units outstanding
                                                                              28,458,283         34,144,955
                                                                         ================   ================

Net asset value per accumulation unit
                                                                                    1.03               0.98
                                                                         ================   ================

See accompanying notes to financial statements.


</TABLE>

<PAGE>


                                              IDS LIFE ACCOUNT RE
                                                      of
                                           IDS LIFE INSURANCE COMPANY

                                            STATEMENTS OF OPERATIONS

                                                  (unaudited)


<TABLE>
                                                                       For the three months ended
                                                               --------------------------------------

                                                                        Sept. 30,          Sept. 30,
                                                                             1997               1996
                                                               -------------------     --------------
 Income:
<S>                                                        <C>                       <C>            
  Interest income                                          $              104,754    $        78,584
  Account's equity in earnings of
  unconsolidated joint ventures                                           564,537            579,475
  Rental income                                                                --            636,645
  Unrealized appreciation (depreciation) of participation
  in mortgage loan                                                             --           (19,763)
  Change unrealized appreciation (depreciation) of
  investments in wholly-owned real estate property                             --          1,339,993
  Realized loss on wholly-owned
  real estate property                                                         --        (2,146,691)
                                                               -------------------     --------------
Total income                                                              669,291            468,243
                                                               -------------------     --------------

Expenses:
  Asset management fee                                                    106,625            149,557
  Mortality and expense risk fee                                           85,300            119,645
  Amortization of deferred organizational
  and borrowing costs                                                          --              6,676
  Other operating expenses                                                 19,516             17,780
  Operating expenses related to wholly-owned
   real estate property:
    Interest                                                                   --            183,315
    Utilities                                                                  --             21,872
    Repairs and maintenance                                                    --             52,150
    Property and other taxes                                                   --             48,392
    Salaries                                                                   --             52,442
    Management fees                                                            --             27,874
    Other                                                                      --             28,234
                                                               -------------------     --------------
Total expenses                                                            211,441            707,937
                                                               -------------------     --------------

Net income (loss)                                          $              457,850    $     (239,694)
                                                              ===================     ==============

See accompanying notes to financial statements.
</TABLE>


<PAGE>


<TABLE>

                                                    IDS LIFE ACCOUNT RE
                                                                  of
                                            IDS LIFE INSURANCE COMPANY

                                             STATEMENTS OF OPERATIONS

                                     (unaudited)

                                                                   For the nine months ended
                                                         --------------------------------------
                                                               Sept. 30,             Sept. 30,
                                                                    1997                  1996
                                                         ----------------        --------------
Income:
<S>                                                  <C>                       <C>            
  Interest income                                    $           384,607       $       211,934
  Account's equity in earnings of
  unconsolidated joint ventures                                1,699,636             1,583,737
  Other income                                                    54,134                    --
  Rental income                                                       --             1,877,789
  Unrealized (depreciation) of participation
  in mortgage loan                                                    --             (147,608)
  Net change unrealized appreciation of investment
  in wholly-owned real estate property                                --             1,339,993
  Unrealized appreciation (depreciation) of
  investments in unconsolidated joint ventures                        --             (507,511)
  Realized loss on wholly-owned
  real estate property                                                --           (2,146,691)
                                                         ----------------        --------------
Total income                                                   2,138,377             2,211,643
                                                         ----------------        --------------

Expenses:
  Asset management fee                                           333,884               442,298
  Mortality and expense risk fee                                 267,108               353,838
  Amortization of deferred organizational
  and borrowing costs                                                 --                19,602
  Other operating expenses                                        46,866                53,849
  Operating expenses related to wholly-owned
   real estate property:
    Interest                                                          --               551,315
    Utilities                                                         --               107,363
    Repairs and maintenance                                           --               147,556
    Property and other taxes                                          --               153,790
    Salaries                                                          --               146,578
    Management fees                                                   --                84,854
    Other                                                             --                98,450
                                                         ----------------        --------------
Total expenses                                                   647,858             2,159,493
                                                         ----------------        --------------

Net income                                           $         1,490,519       $        52,150
                                                         ================        ==============

See accompanying notes to financial statements.
</TABLE>


<PAGE>


<TABLE>

                                              IDS LIFE ACCOUNT RE

                                                         of
                                          IDS LIFE INSURANCE COMPANY

                                         STATEMENTS OF CASH FLOWS

                                                (unaudited)

                                                                   For the nine months ended
                                                                 ------------------------------------
                                                                       Sept. 30,           Sept. 30,
                                                                            1997                1996
                                                                 ----------------    ----------------
<S>                                                           <C>                  <C>
Cash flows from operating activities:
  Net Income                                                  $        1,490,519   $          52,150

Adjustments to reconcile net income to net cash used in operating activities:
  Account's equity in earnings of unconsolidated
  joint ventures                                                     (1,699,635)         (1,583,737)
  Change in accrued interest on participation
  in mortgage loan                                                            --             (5,945)
  Amortization of organizational and borrowing costs                          --              23,879
  Change in unrealized depreciation of investments
  in unconsolidated joint ventures                                            --             507,511
  Change in unrealized depreciation (appreciation) of
  participation in mortgage loan                                              --             147,608
  Change in realized depreciation in wholly-owned
  real estate property                                                        --             806,698
  Change in other assets                                                   4,277              43,135
  Change in payable to IDS Life for operating expenses                  (42,340)            (32,959)
  Change in accrued mortality and expense risk fee                       (4,105)             (1,405)
  Change in accrued asset management fee                                 (5,131)             (1,756)
  Change in other liabilities                                            200,940                  --
  Change in payables and other liabilities related
  to wholly-owned real estate property                                  (79,090)            (65,861)
                                                                 ----------------    ----------------
Total adjustments to net income                                      (1,625,084)           (162,832)
                                                                 ----------------    ----------------

Net cash used in operating activities                                  (134,565)           (110,682)
                                                                 ----------------    ----------------

Cash flows from investing activities:
  Distributions received from joint ventures                           1,882,670           1,307,073
  Net sales (purchases) of short-term securities                       3,855,746                   --
  Sale of wholly owned property                                                --          15,488,904
                                                                 ----------------    ----------------
Net cash provided by investing activities                              5,738,416          16,795,977
                                                                 ----------------    ----------------

Cash flows from financing activities:
  Proceeds from sales of contracts                                        14,536           2,341,959
  Payments for contract terminations                                 (5,721,124)         (3,194,642)
  Decrease in mortgage payable                                                --         (7,770,339)
                                                                 ----------------    ----------------
Net cash used in financing activities                                (5,706,588)         (8,623,022)
                                                                 ----------------    ----------------

Net increase in cash                                                   (102,737)           8,062,273
Balance of cash at beginning of year                                     102,737             586,729
                                                                 ----------------    ----------------

Balance of cash at end of period                              $               --   $       8,649,002
                                                                 ================    ================

Supplemental cash flow disclosure:
  Cash paid for mortgage interest & revolving loan            $               --   $         551,315
                                                                 ================    ================
</TABLE>

See accompanying notes to financial statements.


<PAGE>




                                                IDS LIFE ACCOUNT RE
                                                     of
                                               IDS LIFE INSURANCE COMPANY

                                                September 30, 1997

                                                NOTES TO FINANCIAL STATEMENTS
                                                     (unaudited)

1.       GENERAL

         In  the  opinion  of  the  management  of IDS  Life,  the  accompanying
         unaudited financial  statements for IDS Life Account RE (the "Account")
         contain  all   adjustments   (consisting   of  only  normal   recurring
         adjustments)  necessary  to  present  fairly its  balance  sheets as of
         September 30, 1997 and December 31, 1996;  statements of operations for
         the three and nine months ended  September  30, 1997 and 1996;  and the
         statements  of cash flows for the nine months ended  September 30, 1997
         and 1996.  These  statements are condensed and therefore do not include
         all of the  information  and footnotes  required by generally  accepted
         accounting principles for complete financial statement disclosure.  The
         statements  should be read in conjunction with the Account's  financial
         statements as of and for the year ended December 31, 1996 and the notes
         thereto contained in the Account's prospectus dated April 30, 1997. The
         results of operations for the nine months ended  September 30, 1997 are
         not necessarily indicative of the results expected for the full year.


2.       INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

         Unconsolidated Joint Ventures - Summary Information

         Summary   information   for  the   Account   of  its   investments   in
unconsolidated  joint ventures for the nine months ended  September 30, 1997 and
1996 is as follows:

                                                  For the nine months ended
                                                  September 30
                                        1997                  1996
                                        ----                  ----

      Account's share of net
       investment income from
       unconsolidated joint ventures   $  1,699,636   $  1,583,737

      Total net investment income of
       unconsolidated joint ventures   $14,426,913   $19,697,394

      Total income of unconsolidated
       joint ventures                  $35,277,000   $ 35,526,000




<PAGE>


Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS


Financial Condition and Results of Operations

For the Nine Months Ended September 30, 1997 Compared to the Nine Months Ended 
September 30, 1996-

Net assets  decreased  from  $33,545,476  at December 31, 1996 to $29,282,848 at
September 30, 1997.  During this same time period,  the accumulation  unit value
increased  from $.98 at December  31, 1996 to $1.03 at September  30, 1997.  The
Account experienced net terminations amounting to $5,706,588 for the nine months
ended September 30, 1997 compared to net sales of $2,439,870 for the nine months
ended  September  30,  1996.  The net  terminations  for the nine  months  ended
September  30, 1996 include  approximately  $2,000,000  for  accumulation  units
purchased by IDS Life,  which has been used to pay for contract  surrenders,  as
discussed  more fully below.  In the nine months ended  September 30, 1997,  IDS
Life had not purchased any accumulation units.

Recorded net income for the nine months ended  September 30, 1997 was $1,490,519
compared to $52,150 for the nine months ended September 30, 1996.

Interest income represents income earned in 1997 on the Account's  investment in
short-term  securities.   Interest  generated  from  short-term  investments  of
$384,607 for the nine months  ended  September  30, 1997 is due  primarily to an
increase in  short-term  investments  compared to the same period in 1996.  This
increase was due primarily to cash received as a result of (i) the payoff of the
Riverpoint  mortgage  loan  receivable in December 1996 and (ii) the sale of the
West Springfield  apartments in September 1996. Short-term investments decreased
in 1997 due primarily to net Account terminations, as discussed above.

Interest  income  for  the  nine  months  ended  September  30,  1996  primarily
represented income earned on the Account's  investment in the participation in a
mortgage loan (Riverpoint  Shopping Center). For the nine months ended September
30, 1996, the Account recognized net unrealized depreciation of participation in
mortgage  loan of $147,608 as a result of lower  effective  rents  achieved upon
releasing the center.

For the nine  months  ended  September  30,  1996,  the Account  recognized  net
unrealized  depreciation  of  investments  in  unconsolidated  joint ventures of
approximately $507,511 primarily due to a decrease in current assets at Monmouth
Associates.  A  portion  of the  decrease  was a  result  of a  $4,000,000  cash
distribution  in which the  Accounts  share was  $278,800,  and the  payment  of
certain capital and tenant improvements.

Distributions  from  unconsolidated  joint ventures increased from $1,882,670 at
the nine months ended  September 30, 1997  compared to  $1,307,073  for the nine
months  ended   September  30,  1996.   The  increase  in   distributions   from
unconsolidated  joint ventures is due primarily to increased  distributions from
Monmouth  Associates in the first quarter of 1997.  The increased  distributions
was the result of previously  undistributed  cash flow earned in prior quarters.
The increased  distributions were slightly offset by decreased  distributions in
1997 from N/S Associates and 1225 Connecticut.

Due to the sale of its  wholly-owned  real estate  investment,  West Springfield
Terrace Apartments,  in September 1997, the Account had $0 rental income for the
nine months ended  September 30, 1997 compared to $1,877,789 for the nine months
ended September 30, 1996. Also, expenses related to the wholly-owned real estate
investment  totaled $0 for the nine months ended  September 30, 1997 compared to
$1,289,906 for the corresponding period in 1996.

For the nine months ended  September 30, 1997, the Account's  recorded equity in
earnings  of  its  unconsolidated  joint  ventures  (N/S  Associates,   Monmouth
Associates and 1225  Connecticut) was $1,699,636  compared to $1,583,737 for the
nine months  ended  September  30,  1996.  The  increase is due  primarily to an
increase  in interest  income  earned by Monmouth  Associates.  The  increase in
earnings was partially  offset by lower rental income achieved at Southridge and
Northridge Malls due to lower effective rents.

Northridge Mall continues to be adversely  affected by the perception that it is
an unsafe place to shop.  This  perception  has resulted in declining  sales and
occupancy over a three-year  period.  Compounding the problem of declining sales
are the high  operating  costs for tenants at the mall.  Occupancy has also been
affected by tenant  bankruptcies  over the past years. As of September 30, 1997,
occupancy of the mall shops was approximately 66%,  including  temporary tenants
under short term leases.  Occupancy  decreased 6 percent from the prior  quarter
due primarily to a movie theater tenant, which occupied  approximately 8% of the
owned net rentable area at the property,  vacating its space upon  expiration of
its lease. Northridge is attempting to lease this space to another movie theater
operator, however, there can be no assurance that Northridge will be successful.

To counter the negative  perception  of  Northridge  Mall,  N/S  Associates  has
implemented certain capital improvements and operational programs to improve the
shopping center's safety and appearance, as well as instituted certain marketing
efforts to enhance its image.  Certain  recent  positive  sales trends appear to
indicate a modest improvement;  however,  elimination of the negative perception
is  expected  to take some  time.  In  addition,  N/S  Associates  is seeking to
increase occupancy at the shopping center by marketing space for new and renewal
tenants  through  leasing  incentives,  as well as continuing to cooperate  with
existing  tenants  who need  short-term  rent  reductions  in  order  to  retain
occupancy  of their  space.  Part of the  leasing  strategy  includes  targeting
certain  well-recognized  retailers as a group that would become  tenants at the
shopping  center.  It is expected  that the draw of this group of tenants  would
help the  shopping  center  gain  leasing  momentum  and aid in  future  leasing
efforts.

As of September 30, 1997, the portion of Southridge Mall owned by N/S Associates
was  approximately  97% leased and occupied,  including  temporary tenants under
short-term leases.

The Account paid asset  management  and mortality  expense risk fees of $600,992
and  $796,136  for  the  nine  months  ended   September   30,  1997  and  1996,
respectively.

For the Three Months Ended September 30, 1997 Compared to the Three Months Ended
September 30,1996 -

Recorded net income  (loss) for the three months  ended  September  30, 1997 was
$457,850  compared to $(239,694) for the three months ended  September 30, 1996.
The increase in recorded net income for the three  months  ended  September  30,
1997 is due  primarily to the  recognition  in 1996 of a net loss on sale of the
West Springfield Terrace  Apartments.  This decrease was partially offset by the
net operating income earned at this property for the three month period in 1996.

During  the three  months  ended  September  30,  1997,  $564,537  of income was
attributable to the Account's  recorded equity in earnings of its unconsolidated
joint  ventures (N/S  Associates,  Monmouth  Associates,  and 1225  Connecticut)
compared to $579,475 for the corresponding three months in 1996. The decrease in
income is primarily  due to a lower rental  income  achieved at  Southridge  and
Northridge Malls due to lower effective rents. In addition,  the decrease is due
to lower occupancy at the Northridge Mall.

Due to the sale of its  wholly-owned  real estate  investment,  West Springfield
Terrace Apartments,  in September 1996, the Account had $0 rental income for the
three months ended  September 30, 1997 compared to $636,645 for the three months
ended September 30, 1996. Also, the expenses  related to the  wholly-owned  real
estate  investment  totaled $0 for the three  months  ended  September  30, 1997
compared to $414,279 for the corresponding period in 1996.

The Account paid total asset management and mortality  expense risk fees for the
three months ended  September 30, 1997 of $191,925  compared to $269,202 for the
corresponding period in 1996.

Liquidity and Capital Resources

For the Nine Months Ended September 30, 1997 Compared to the Nine Months Ended 
September 30, 1996-

At  September  30,  1997,  the Account had cash and  investments  of  short-term
securities of approximately $6,398,564 as compared to approximately  $10,357,047
at December 31, 1996. The Account had experienced net contract terminations in 5
consecutive quarters.

The  liquidity  requirements  of the Account  have  generally  been met by funds
provided from the Account's  short-term  investments,  cash  distributions  from
unconsolidated  joint ventures,  operating cash flow, interest income,  proceeds
from the sale of West Springfield  Terrace  Apartments,  the loan repayment from
Riverpoint Center,  proceeds from sales of contracts,  borrowings under the line
of  credit  from  IDS  Life  and  purchases  of  accumulation  units by IDS Life
discussed  below.  The primary uses of funds currently are asset  management and
mortality  and expense  risk fees and payments  for  contract  terminations  and
redemption units held by IDS Life.

Effective  May 1, 1995,  new contract  sales of the Account  were  discontinued.
Additional  purchase payments continue to be accepted for existing  contracts in
amounts  specified  in  the  Account's  prospectus,  whether  by  means  of  the
previously established bank authorizations or otherwise. Existing contracts also
continue to be serviced and surrender requests will be honored.

IDS Life has purchased  accumulation  units in order to maintain the Account and
its liquidity.  IDS Life made these payments so that no contract holder would be
disadvantaged because sales of new contracts have been discontinued. The initial
payments for accumulation units that IDS Life made into the Account were used to
pay off the amount that the Account had  borrowed  under its  revolving  line of
credit.  As  of  September  30,  1997,  IDS  Life  had  purchased  approximately
24,969,872 accumulation units.

By  purchasing  accumulation  units,  IDS Life has an ownership  interest in the
Account.  Since IDS Life does not  purchase  a  contract,  it is not  subject to
surrender  charges.   However,  IDS  Life,  as  holder  of  accumulation  units,
participates  in the  increase  or  decrease  in  the  value  of  the  Account's
investments just as other owners of accumulation  units do. IDS Life may realize
a gain or loss on its accumulation units when redeemed.

IDS Life currently expects to hold the accumulation units it purchases until the
surrender of all outstanding contracts or until the Account's liquidity improves
(through,  for example,  one or more sales of real estate  related  investments)
thereby permitting the Account to satisfy its anticipated contract  obligations.
Because IDS Life may purchase a significant  amount of accumulation  units,  IDS
Life may be subject to certain conflicts of interest it would not otherwise have
if it had not purchased such accumulation units, including,  among other things,
a conflict in approving  periodic  valuations of real estate investments made by
the Investment Adviser.

Since the Account has experienced substantial net contract terminations over the
past  several  years,  the Account  does not intend to acquire  additional  real
estate related  investments.  Further, the Account intends to liquidate the real
estate related investments that it currently holds when it becomes  advantageous
or  necessary  to do so.  During 1996,  the Account  liquidated  two real estate
related  investments.  To the extent  funds of the  Account  are not used to pay
obligations of the Account,  including  those under existing  contracts,  or the
redemption  of  accumulation  units  purchased  by IDS Life,  such funds will be
invested in short-term  debt  instruments and possibly  intermediate-term  bonds
with maturities of up to five years.

Through  September  30,  1997,  Monmouth  Associates  had  funded  approximately
$25,905,000 of the renovation  loan (which excludes $1.3 million of construction
loan  interest) for Monmouth  Mall.  Fundings of principal on the loan have been
made from cash reserves held by Monmouth Associates, cash flow from interest and
ground rent payments received from the borrower/lessee and capital contributions
made to Monmouth Associates by its partners pro rata based upon their respective
interests.  The aggregate amount of capital contributions to finance the loan is
approximately $9,830,000.  The Account's share of these capital contributions is
approximately  $685,000.  The aggregate amount of the renovation loan, including
accrued and deferred  interest of  approximately  $1,300,000,  is  approximately
$27,205,000. Monmouth Associates may also be required to make certain additional
loans to pay a portion  of the costs of  certain  tenant  improvements  or other
ordinary  capital  expenditures.  In addition,  Monmouth  Associates may provide
additional financing to the borrower/lessee in order to pay costs to be incurred
in connection with the replacement or expansion of a department  store tenant at
Monmouth  Mall.  However,  it is not  currently  expected  that this would occur
during 1997.

The renovation is complete.  The occupancy of mall shops and outparcel  space at
the  shopping  center as of  September  30, 1997 was  approximately  85 percent.
However, the mall shops and outparcel space are approximately 91 percent leased.
Leasing and  occupancy at the shopping  center have been  adversely  affected by
tenant bankruptcies occurring over the past several years.

N/S Associates currently expects that it will incur approximately  $2,090,000 in
1997 for  tenant  improvement,  asbestos  removal  and  other  capital  items at
Northridge  and  Southridge  Malls.  Actual  amounts  expended  in 1997 may vary
depending on a number of factors,  including actual leasing activity, results of
property  operations,  liquidity  considerations  and market conditions over the
course of the year. N/S Associates undertakes asbestos removal from time to time
at portions of the Northridge and Southridge  Malls as tenant spaces are vacated
and prior to occupancy by new tenants. The cost of tenant improvements, asbestos
removal and other  capital  items  generally  will be provided out of cash flows
from the properties. N/S Associates expended approximately $2,236,000 for tenant
improvements, asbestos removal and other capital projects in 1996.

At September 30, 1997,  real property  investments  (through two  unconsolidated
joint  ventures,  N/S  Associates  and 1225  Connecticut,)  land  sale-leaseback
investments (through an unconsolidated  joint venture,  Monmouth Associates) and
short-term  investments  represented  50  percent,  29 percent and 21 percent of
total assets,  respectively.  At September 30, 1996, real property  investments,
mortgage loan and land  sale-leaseback  investments  and short-term  investments
represented 56 percent, 33 percent and 11 percent of total assets, respectively.


<PAGE>



                      PART II.  OTHER INFORMATION
                      ---------------------------

Item 1. LEGAL PROCEEDINGS

        There are no material  current or pending  legal  proceedings  which the
Registrant is a party to, or to which the Registrant's assets are subject.

Item 2. CHANGES IN SECURITIES

        Not applicable

Item 3. DEFAULTS UPON SENIOR SECURITIES

        Not applicable

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

        Not applicable

Item 6. EXHIBITS AND REPORTS ON FORM 8-K

        (A) Exhibits

            4.1  Form  of   Deferred   Variable   Annuity   Contract  is  hereby
incorporated  herein by  reference  to Exhibit 4 to the  Account's  Form S-1 (as
amended), File Number 33-13375, filed July 17, 1987.

            4.2 Copy of mortgage  loan  documents  relating to West  Springfield
Terrace Apartments is hereby  incorporated herein by reference to Exhibit 4.2 to
the Account's Form S-1 (as amended), File Number 33-13375, filed April 12, 1990.

            4.3 Copy of the line of  credit  agreement,  dated  March  30,  1994
between IDS Life and the Account  (including a copy of the  executed  promissory
note,  dated March 30, 1994) is hereby  incorporated by reference to Exhibit 4.3
to the  Account's  Form 10-K Report for the year ended  December 31, 1993,  File
Number 33-13375, filed April 5, 1994.

           10.1 Copy of Investment  Advisory  Agreement between IDS Life and JMB
Annuity Advisors is hereby  incorporated  herein by reference to Exhibit 10.1 to
the Account's Form S-1 (as amended), File Number 33-13375, filed April 29, 1988.

           10.2 Copy of N/S  Associates  Joint Venture  Agreement  together with
certain documents  relating to the purchase of an interest in Northridge Mall is
hereby  incorporated  herein by reference to Exhibit 10.2 to the Account's  Form
S-1 (as amended), File Number 33-13375, filed April 29, 1988.

           10.2.1 Copy of Second Amended and Restated Articles of Partnership of
N/S Associates hereby  incorporated herein by reference to Exhibit 10.2.1 to the
Account's Form
           S-1 (as amended), File Number 33-13375, filed April 20, 1989.

           10.3 Copy of N/S  Associates  Joint Venture  Agreement  together with
certain documents  relating to the purchase of an interest in Southridge Mall is
hereby  incorporated  herein  by  reference  to  Exhibit  10.3 to  Form  S-1 (as
amended), File Number 33-13375, filed April 29, 1988.

           10.4  Copy  of  Commitment  Letter  relating  to  the  funding  of  a
participating  mortgage loan secured by Riverpoint Center is hereby incorporated
herein by  reference  to  Exhibit  10.4 to Form S-1 (as  amended),  File  Number
33-13375, filed October 11, 1988.

           10.5 Copy of Amended and Restated Articles of Partnership of Monmouth
Associates  are hereby  incorporated  herein by reference to Exhibit 10.5 to the
Account's Form S-1 (as amended), File Number 33-13375, filed April 12, 1990.

           10.6 Copy of Agreement together with certain other documents relating
to the purchase of West Springfield  Terrace  Apartments is hereby  incorporated
herein by  reference  to  Exhibit  10.6 to Form S-1 (as  amended),  File  Number
33-13375, filed October 16, 1989.

            10.7 Copy of Agreement  together with certain documents  relating to
the purchase of an interest in 1225  Connecticut  Avenue is hereby  incorporated
herein  by  reference  to the  Account's  Form  S-1 (as  amended),  File  Number
33-13375, filed June 29, 1990.

            10.8 Copy of Purchase Agreement for the sale of the West Springfield
Terrace  Apartments is hereby  incorporated  herein by reference to the Accounts
Report on Form 10-Q (File No.  33-13375) for  September 30, 1996 dated  November
14, 1996.

            27.1 Financial Data Schedule of the Account for the period ended 
September 30, 1997 is filed herewith.

          (B) Report on Form 8-K

          No reports on Form 8-K were required to be filed by the Registrant for
the three months ended September 30, 1996.



<PAGE>



                           SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


                         IDS LIFE ACCOUNT RE
                                 of
                      IDS LIFE INSURANCE COMPANY
                      ------------------------------
                             (Registrant)




Date:  November 14, 1997                       /S/ Melinda Urion
                                              ------------------
                                                            Melinda S. Urion
                                                Executive Vice President
                                                        and Controller