<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created by RR Donnelley IM Processor 5.0.0.0 using Fujitsu Interstage XWand-->
<schema targetNamespace="http://www.ivyfunds.com/20121203" elementFormDefault="qualified" xmlns="http://www.w3.org/2001/XMLSchema" xmlns:ivfy5="http://www.ivyfunds.com/20121203" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric">
  <annotation>
    <appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="ivfy5-20121203_pre.xml" xlink:title="Presentation Links, all" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="ivfy5-20121203_cal.xml" xlink:title="Calculation Links, all" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="ivfy5-20121203_def.xml" xlink:title="Definition Links, all" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="ivfy5-20121203_lab.xml" xlink:title="Label Links, all" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:roleType roleURI="http://www.ivyfunds.com/role/DocumentDocumentandEntityInformation" id="DocumentDocumentandEntityInformation">
        <link:definition>000000 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.ivyfunds.com/role/DocumentRiskReturnSummaryUnlabeledIVYFUNDS" id="DocumentRiskReturnSummaryUnlabeledIVYFUNDS">
        <link:definition>000011 - Document - Risk/Return Summary {Unlabeled} - IVY FUNDS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.ivyfunds.com/role/ScheduleShareholderFeesIvyRealEstateSecuritiesFund" id="ScheduleShareholderFeesIvyRealEstateSecuritiesFund">
        <link:definition>000012 - Schedule - Shareholder Fees {- Ivy Real Estate Securities Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.ivyfunds.com/role/ScheduleAnnualFundOperatingExpensesIvyRealEstateSecuritiesFund" id="ScheduleAnnualFundOperatingExpensesIvyRealEstateSecuritiesFund">
        <link:definition>000013 - Schedule - Annual Fund Operating Expenses {- Ivy Real Estate Securities Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.ivyfunds.com/role/ScheduleExpenseExampleTransposedIvyRealEstateSecuritiesFund" id="ScheduleExpenseExampleTransposedIvyRealEstateSecuritiesFund">
        <link:definition>000014 - Schedule - Expense Example {Transposed} {- Ivy Real Estate Securities Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.ivyfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedIvyRealEstateSecuritiesFund" id="ScheduleExpenseExampleNoRedemptionTransposedIvyRealEstateSecuritiesFund">
        <link:definition>000015 - Schedule - Expense Example, No Redemption {Transposed} {- Ivy Real Estate Securities Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.ivyfunds.com/role/ScheduleAnnualTotalReturnsIvyRealEstateSecuritiesFundBarChart" id="ScheduleAnnualTotalReturnsIvyRealEstateSecuritiesFundBarChart">
        <link:definition>000016 - Schedule - Annual Total Returns - Ivy Real Estate Securities Fund [BarChart]</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.ivyfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedIvyRealEstateSecuritiesFund" id="ScheduleAverageAnnualTotalReturnsTransposedIvyRealEstateSecuritiesFund">
        <link:definition>000017 - Schedule - Average Annual Total Returns {Transposed} {- Ivy Real Estate Securities Fund}</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.ivyfunds.com/role/DocumentRiskReturnDetailUnlabeledIvyRealEstateSecuritiesFund" id="DocumentRiskReturnDetailUnlabeledIvyRealEstateSecuritiesFund">
        <link:definition>000018 - Document - Risk/Return Detail {Unlabeled} - Ivy Real Estate Securities Fund</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.ivyfunds.com/role/DisclosureRiskReturnDetailDataElementsIVYFUNDS" id="DisclosureRiskReturnDetailDataElementsIVYFUNDS">
        <link:definition>000019 - Disclosure - Risk/Return Detail Data {Elements} - IVY FUNDS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.ivyfunds.com/role/DocumentRiskReturnSupplementUnlabeledIVYFUNDS" id="DocumentRiskReturnSupplementUnlabeledIVYFUNDS">
        <link:definition>000010 - Document - Risk/Return Supplement {Unlabeled} - IVY FUNDS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </appinfo>
  </annotation>
  <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
  <import namespace="http://xbrl.sec.gov/dei/2012-01-31" schemaLocation="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd" />
  <import namespace="http://xbrl.sec.gov/rr/2012-01-31" schemaLocation="http://xbrl.sec.gov/rr/2012/rr-2012-01-31.xsd" />
  <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
  <element name="S000024834Member" id="ivfy5_S000024834Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="S000024838Member" id="ivfy5_S000024838Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="S000024830Member" id="ivfy5_S000024830Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000073896Member" id="ivfy5_C000073896Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000073897Member" id="ivfy5_C000073897Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000073898Member" id="ivfy5_C000073898Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000073899Member" id="ivfy5_C000073899Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000073900Member" id="ivfy5_C000073900Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000073901Member" id="ivfy5_C000073901Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="C000073895Member" id="ivfy5_C000073895Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
  <element name="SupplementTextBlock" id="ivfy5_SupplementTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" abstract="false" nillable="true" xbrli:periodType="duration" />
</schema>
