Cash will start being returned from the end of January - but only in instalments.
But that request was not acted on after trading in the fund was suspended.
The decision leaves Income Focus investors in the same position as those who have been trapped in Mr Woodford's much bigger Equity Income fund since June.
LFS has waived its fee on the fund from the June suspension. Link is meanwhile requesting formal approval from the Financial Conduct Authority (FCA) to wind up the fund.
"During the Fund's suspension, we will consider the options available to us including the appointment of an alternate investment manager, a scheme of arrangement into another fund or a winding-up of the Fund, and decide on the course of action that is in the best interests of all investors", Link said.
Neil Woodford will close his investment firm after being sacked from his flagship fund and resigning from his eponymous investment trust. The money investors get back will be determined by the ability to sell the assets and the price that is achieved for them.
It added that attempts to sell off Woodford's investments in unlisted businesses had "not been sufficient to allow reasonable certainty" for when the fund would reopen.
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'We have therefore concluded that it is now in the best interests of all investors for the Fund to be wound up by way of an orderly realisation of the Fund's assets.
Peter Brunt, associate director, equity strategies, manager research, Morningstar, said: "It was always going to be a monumental challenge for Woodford Investment Management to keep the LF Woodford Equity Income Fund going, even if it had successfully managed to reposition the portfolio for its re-opening in December 2019, as investor confidence had been so badly beaten down".
Jason Hollands, managing director, business development and communications at Tilney Investment Management Services said that the suspension of the fund was seismic news for the United Kingdom funds industry.
Shares in WPCT, Woodford's only listed fund, tumbled more than 10% at the open on Wednesday, hitting a fresh record low of 30.36 pence before recovering slightly to trade down 6.7% at 0923 GMT.
Link said: "The name of the fund will, subject to regulatory process, be amended to reflect the fact that Woodford will no longer be the investment manager to the fund".
"While no mention is made of Woodford's other funds, it now seems highly unlikely that he will remain in place as manager of the Patient Capital investment trust, with the board already looking at potential replacements".