• This is what BOL has to say regarding TruncateOnly:

    TRUNCATEONLY

    Releases all free space at the end of the file to the operating system but does not perform any page movement inside the file. The data file is shrunk only to the last allocated extent.

    target_size is ignored if specified with TRUNCATEONLY.

    TRUNCATEONLY is applicable only to data files.

    Given the current conversation, I thought you might find it interesting.

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