Silly mistake on my end. I had the 19-pin adapter connected to the Target side instead of direct cable to Target + Trace.
......
I'm not seeing any trace data. Traceport with 4-bit is selected. When I step the Trace LED blinks orange and the debugger stepping is definitely slower. If I run the Trace LED is always orange. This is a custom board.
J-Trace for Cortex-M V3.2
SES 3.10i
OS X 10.11.6 (El Capitan)