The fund's non-allotment means that during the fund raising period, fewer investors subscribe for the fund, and investors can get as many shares as they subscribe; Fund placement means that more investors subscribe for new funds, and if the subscription amount exceeds the raised amount, it will be distributed to investors in proportion.

Fund placement: If Fund A is issued, the net value of the fund is 1, and the issuance is 300 million yuan, and the raising period is one trading day. After the raising period, the accumulated subscription amount is 600 million yuan, and the one-time investment subscription fund is 654,380+0,000 yuan. Then, after the proportional placement, investors can only get 500,000 fund shares in the end.