The event was held at Aldeen Golf Club in Rockford, Illinois, which will also serve as the host of the three-day Midwest Conference Championship Tournament that starts on Friday.
the Foresters top two players needed 86 shots to complete the 5,801-yard, par-73 course. Gray started her day with a par and had six more in her round, which also included a birdie on the par-4 13th hole. Lee's round included eight pars, including three in a row on both the front and back nine.
Lake Forest's team score of 354 was 25 strokes behind first-place Grinnell College, three ahead of Illinois College, and 19 clear of Monmouth College.
Next weekend's MWC Championships will be the final event of the Foresters' fall schedule. The team finished fifth in the league in 2014, the program's first year as a varsity sport, before climbing a spot in the standings to fourth in 2015 and moving up one more position to third last year.