>My undertstanding of the SQL Server Trx log is that it's similar in the way it stores a journal of the DB DML's. But there is only one, no circular list. (correct me if I'm wrong)

The database files that are used for the transaction log (.log) are treated as a single file that is subdivided into multiple virtual logs. The virtual logs are used in a circular fashion.

You should review the section SQL Server Architecture | Database Architecture | Physical Database Architecture | Transaction Log Architecture.

>Here is my question (finally)
>
>I do a complete backup of the DB, then a TRXLog backup, schrink the DB and the TRXLOG is still the same... (100Mb, originally created at 10Mb).
>
>What am I missing here ?

How did you do this? What command did you use? DBCC SHRINKDB? DBCC SHRINKDATABASE?

Either way, you should get an answer by reviewing the material that I pointed out.

-Mike