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The Royals started the better and Royston Drenthe whipped in an early cross, but no-one could get on the end of it.
With Ipswich struggling to get into the game, the Dutch winger then had a shot blocked.
However, former Reading player Jay Tabb then gave the away side the lead when he was left unmarked at the back post to score at the second attempt.
The Tractor Boys could have added to their lead but Daryl Murphy failed to connect with a Tommy Smith knockdown.
Just a few minutes before the half-time whistle the hosts were level. Garath McCleary sent in a cross and Adam Le Fondre rose highest to head home.