5.6.2.2 trace works on function names, not function objects

trace works by tracing function names, not function objects.

Therefore tracing function objects, for example by

will not yield any trace output. Instead you need to do

Also, if the symbol foo is traced, then code which invokes foo by

or equivalently

will not produce any trace output. You could try something like this instead:

(trace (funcall 

        :when (eq (car *traced-arglist*)

                  (symbol-function 'foo))))

LispWorks User Guide and Reference Manual - 21 Dec 2011