tracing-state returns a listing describing the current state of the tracing system. It shows the current tracing state for the dspec dspec, or for all traced definitions if dspec is not supplied.
The result state is a list each element of which is a list whose car is a dspec naming the traced definition and whose cdr is the additional trace options. Note that
tracing-state returns more information than is returned by trace. It is useful for preserving a complex set of traces.
(setf tracing-state) can be used to switch between different sets of traces. Note however that turning tracing on or off is better done using tracing-enabled-p.
LispWorks User Guide and Reference Manual - 20 Sep 2017