Lunn, whose last victory was on the U.S. LPGA Tour in 1999, had a 13-under 203 total on the Jack Nicklaus-designed Lakelands course. Waugh shot her third straight 68 to finish second.
England's Laura Davies (70) and Australia's Kylie Pratt (70) tied for third at 8 under. Davies had a triple bogey on No. 11.
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