diff --git a/CHANGELOG.md b/CHANGELOG.md
index 3b3f543..b597280 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -7,6 +7,10 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+### Added
+
+- `tool_transcript.entries`: privacy-preserving per-call view in the TRACE Claim (one entry per tool call with `tool_name`, `data_class` from the catalog, and the policy `decision`), derived from the audit chain so no raw parameters or response bodies are exposed. `tool_transcript.hash` continues to bind the full transcript to the audit-chain tip. Adds `transcript_entries_hash()` for offline recomputation. (#126)
+
 ## [0.2.0] - 2026-06-12
 
 ### Added
diff --git a/audit.db b/audit.db
new file mode 100644
index 0000000..dfeedd9
Binary files /dev/null and b/audit.db differ
diff --git a/schemas/trace-claim.schema.json b/schemas/trace-claim.schema.json
index 442e1dc..6e90e04 100644
--- a/schemas/trace-claim.schema.json
+++ b/schemas/trace-claim.schema.json
@@ -84,7 +84,24 @@
               "pattern": "^sha(256|384):[0-9a-f]+"
             },
             "call_count": { "type": "integer", "minimum": 0 },
-            "transcript_uri": { "type": "string" }
+            "transcript_uri": { "type": "string" },
+            "entries": {
+              "type": "array",
+              "description": "Privacy-preserving per-call view (#126): tool name, data class, and policy decision, derived from the audit chain. No raw parameters or response bodies.",
+              "items": {
+                "type": "object",
+                "additionalProperties": false,
+                "required": ["tool_name", "data_class", "decision"],
+                "properties": {
+                  "tool_name": { "type": "string" },
+                  "data_class": { "type": "string" },
+                  "decision": {
+                    "type": "string",
+                    "enum": ["allow", "deny", "redact", "advisory_deny", "fault", "n/a"]
+                  }
+                }
+              }
+            }
           }
         },
         "cnf": {
diff --git a/src/cmcp_runtime/audit/trace_claim.py b/src/cmcp_runtime/audit/trace_claim.py
index ccf6b5e..6a65502 100644
--- a/src/cmcp_runtime/audit/trace_claim.py
+++ b/src/cmcp_runtime/audit/trace_claim.py
@@ -3,13 +3,14 @@
 from __future__ import annotations
 
 import base64
+import hashlib
 import importlib.metadata
 import json
 from dataclasses import dataclass
 from datetime import UTC, datetime
 from typing import Annotated, Any, Literal
 
-from agentrust_trace.models import JWK, ConfirmationKey, PolicyInfo, RuntimeInfo, ToolTranscript
+from agentrust_trace.models import JWK, ConfirmationKey, PolicyInfo, RuntimeInfo
 from pydantic import BaseModel, ConfigDict, Field
 
 try:
@@ -117,6 +118,35 @@ class CatalogSummary(BaseModel):
     drift_detected: bool = False
 
 
+class ToolTranscriptEntry(BaseModel):
+    """One privacy-preserving entry in the bound tool transcript (issue #126).
+
+    Derived from the audit chain, never from raw tool-call parameters or response
+    bodies: it carries only the tool name, the data class the call touched, and the
+    policy decision. No request/response payloads, so the transcript leaks no PII.
+    """
+
+    model_config = ConfigDict(extra="forbid")
+
+    tool_name: str
+    data_class: str
+    decision: Literal["allow", "deny", "redact", "advisory_deny", "fault", "n/a"]
+
+
+class ToolTranscriptOut(BaseModel):
+    """cmcp tool_transcript: the canonical TRACE fields plus the privacy-preserving
+    entries array (issue #126). ``hash`` binds the full transcript to the audit chain
+    tip; ``entries`` lets a regulator read the per-call decision trail offline.
+    """
+
+    model_config = ConfigDict(extra="forbid")
+
+    hash: Annotated[str, Field(pattern=r"^sha(256:[0-9a-f]{64}|384:[0-9a-f]{96})$")]
+    call_count: Annotated[int, Field(ge=0)] | None = None
+    transcript_uri: str | None = None
+    entries: list[ToolTranscriptEntry] | None = None
+
+
 class GatewayTrace(BaseModel):
     """Phase 1 TRACE fields applicable to the cmcp runtime context."""
 
@@ -128,7 +158,7 @@ class GatewayTrace(BaseModel):
     runtime: RuntimeInfo
     policy: PolicyInfo
     data_class: str
-    tool_transcript: ToolTranscript | None = None
+    tool_transcript: ToolTranscriptOut | None = None
     cnf: ConfirmationKey
 
 
@@ -248,6 +278,22 @@ def _build_policy(bundle: PolicyBundleInfo) -> PolicyInfo:
     )
 
 
+def canonical_entries(entries: list[ToolTranscriptEntry]) -> bytes:
+    """Canonical JSON of the transcript entries array, for offline hash verification."""
+    body = [e.model_dump() for e in entries]
+    return json.dumps(body, sort_keys=True, separators=(",", ":"), ensure_ascii=True).encode()
+
+
+def transcript_entries_hash(entries: list[ToolTranscriptEntry]) -> str:
+    """SHA-256 over the canonical entries array, as a ``sha256:`` digest string.
+
+    A verifier recomputes this from the entries and checks it against the digest the
+    profile carries. Distinct from ``tool_transcript.hash`` (the audit-chain tip): this
+    one binds the human-readable per-call view, the chain tip binds the full transcript.
+    """
+    return "sha256:" + hashlib.sha256(canonical_entries(entries)).hexdigest()
+
+
 def _build_cnf(signing_key: Any) -> ConfirmationKey:
     pub_hex: str = signing_key.public_key_hex
     x = base64.urlsafe_b64encode(bytes.fromhex(pub_hex)).rstrip(b"=").decode()
@@ -269,6 +315,7 @@ def generate_trace_claim(
     audit_chain_root: str,
     audit_chain_tip: str,
     audit_chain_length: int,
+    transcript_entries: list[ToolTranscriptEntry] | None = None,
     attestation_stale: bool = False,
     catalog_exceptions: list[dict[str, str]] | None = None,
     call_log_summary: CallLogSummary | None = None,
@@ -295,9 +342,10 @@ def generate_trace_claim(
         runtime=_build_runtime(attestation_report),
         policy=_build_policy(policy_bundle),
         data_class=call_summary.session_max_sensitivity,
-        tool_transcript=ToolTranscript(
+        tool_transcript=ToolTranscriptOut(
             hash=tool_transcript_hash,
             call_count=call_summary.tool_calls_total,
+            entries=transcript_entries,
         ),
         cnf=_build_cnf(signing_key),
     )
diff --git a/src/cmcp_runtime/session/manager.py b/src/cmcp_runtime/session/manager.py
index dec07a8..a9b9313 100644
--- a/src/cmcp_runtime/session/manager.py
+++ b/src/cmcp_runtime/session/manager.py
@@ -20,6 +20,7 @@
     CallSummary,
     PolicyBundleInfo,
     ToolCatalogInfo,
+    ToolTranscriptEntry,
     generate_trace_claim,
 )
 from cmcp_runtime.session.call_log import CallLog, SessionCallLog
@@ -178,6 +179,26 @@ def close_session(
             {e.tool_name for e in tool_calls if e.tool_name is not None}
         )
 
+        # Privacy-preserving tool transcript (#126): one entry per tool call carrying
+        # the tool name, the data class from the catalog, and the policy decision.
+        # No request/response payloads, so the transcript leaks no PII. The entries
+        # are derived from the same audit chain whose tip is tool_transcript.hash.
+        transcript_entries: list[ToolTranscriptEntry] = []
+        for e in tool_calls:
+            if e.tool_name is None:
+                continue
+            catalog_entry = catalog.entries.get(e.tool_name)
+            data_class = (
+                catalog_entry.sensitivity_level if catalog_entry is not None else "unknown"
+            )
+            transcript_entries.append(
+                ToolTranscriptEntry(
+                    tool_name=e.tool_name,
+                    data_class=data_class,
+                    decision=e.policy_decision or "n/a",
+                )
+            )
+
         # Build call graph summary: prefer SessionCallLog (richer, with adjacency
         # tracking) and fall back to deriving domains from the audit chain entries.
         if session_call_log is not None:
@@ -232,6 +253,7 @@ def close_session(
             audit_chain_root=chain.chain_root,
             audit_chain_tip=chain.chain_tip,
             audit_chain_length=chain.length,
+            transcript_entries=transcript_entries,
             attestation_stale=attestation_stale,
             catalog_exceptions=catalog_exceptions,
             call_log_summary=call_log_summary,
diff --git a/tests/unit/test_trace_claim.py b/tests/unit/test_trace_claim.py
index 7f32fd3..3597af0 100644
--- a/tests/unit/test_trace_claim.py
+++ b/tests/unit/test_trace_claim.py
@@ -366,3 +366,97 @@ def test_build_runtime_all_known_providers_accepted():
             attestation_validity_seconds=86400,
         )
         _build_runtime(report)  # must not raise
+
+
+# ── tool_transcript entries (#126) ──────────────────────────────────────────────
+
+
+def _three_entries() -> list:
+    from cmcp_runtime.audit.trace_claim import ToolTranscriptEntry
+
+    return [
+        ToolTranscriptEntry(tool_name="document_reader", data_class="confidential", decision="allow"),
+        ToolTranscriptEntry(tool_name="credit_score_lookup", data_class="confidential", decision="allow"),
+        ToolTranscriptEntry(tool_name="risk_report_writer", data_class="internal", decision="advisory_deny"),
+    ]
+
+
+def _claim_with_entries() -> RuntimeClaim:
+    chain = AuditChain("sess-126")
+    return generate_trace_claim(
+        session_id="sess-126",
+        signing_key=SigningKey(),
+        attestation_report=_make_report(),
+        policy_bundle=PolicyBundleInfo(
+            hash="sha256:" + "0" * 64, enforcement_mode="enforcing", policy_version="1.0.0"
+        ),
+        tool_catalog=ToolCatalogInfo(hash="sha256:" + "1" * 64),
+        call_summary=_make_call_summary(),
+        audit_chain_root=chain.chain_root,
+        audit_chain_tip=chain.chain_tip,
+        audit_chain_length=chain.length,
+        transcript_entries=_three_entries(),
+        do_sign=False,
+    )
+
+
+def test_transcript_entries_present_and_ordered():
+    claim = _claim_with_entries()
+    entries = claim.trace.tool_transcript.entries
+    assert entries is not None
+    assert [e.tool_name for e in entries] == [
+        "document_reader",
+        "credit_score_lookup",
+        "risk_report_writer",
+    ]
+    assert [e.decision for e in entries] == ["allow", "allow", "advisory_deny"]
+
+
+def test_transcript_hash_is_audit_chain_tip():
+    """Acceptance #1: tool_transcript.hash binds to the audit chain tip."""
+    chain = AuditChain("sess-126")
+    claim = generate_trace_claim(
+        session_id="sess-126",
+        signing_key=SigningKey(),
+        attestation_report=_make_report(),
+        policy_bundle=PolicyBundleInfo(
+            hash="sha256:" + "0" * 64, enforcement_mode="enforcing", policy_version="1.0.0"
+        ),
+        tool_catalog=ToolCatalogInfo(hash="sha256:" + "1" * 64),
+        call_summary=_make_call_summary(),
+        audit_chain_root=chain.chain_root,
+        audit_chain_tip=chain.chain_tip,
+        audit_chain_length=chain.length,
+        transcript_entries=_three_entries(),
+        do_sign=False,
+    )
+    assert claim.trace.tool_transcript.hash == f"sha256:{chain.chain_tip}"
+    assert claim.gateway.audit_chain.tip == chain.chain_tip
+
+
+def test_transcript_entries_carry_no_payloads():
+    """Privacy: serialized entries expose only tool_name, data_class, decision."""
+    claim = _claim_with_entries()
+    dumped = claim.model_dump(exclude_none=True)
+    for entry in dumped["trace"]["tool_transcript"]["entries"]:
+        assert set(entry.keys()) == {"tool_name", "data_class", "decision"}
+
+
+def test_transcript_entries_hash_roundtrip():
+    """A verifier can recompute the entries digest offline."""
+    from cmcp_runtime.audit.trace_claim import transcript_entries_hash
+
+    entries = _three_entries()
+    h = transcript_entries_hash(entries)
+    assert h.startswith("sha256:")
+    assert transcript_entries_hash(entries) == h
+    # A different decision changes the digest (tamper-evident).
+    entries[2].decision = "allow"
+    assert transcript_entries_hash(entries) != h
+
+
+def test_transcript_entries_optional():
+    """call_count is still set when no entries are supplied (backward compatible)."""
+    claim = _make_claim()
+    assert claim.trace.tool_transcript.entries is None
+    assert claim.trace.tool_transcript.call_count == 2