Keynote 13.2 - Trace Effect Missing

I'm a fairly advanced Keynote user. This question is for version 13.2 (7038.0.87) on a 2022 Mac Studio running Mac OS 14.2.1

For a new graphic I am attempting to integrate, Trace is suddenly not available.

I have tried importing the graphic:

• Cut and paste from Illustrator into Keynote
• Drag and drop AI file into keynote
• Drag and drop EPS file into keynote
• Drag and drop SVG file into keynote
• Cut and paste from photoshop into keynote
• Drag and drop Photoshop PSD file into keynote
• Drag and drop Photoshop PNG file into keynote

Nothing I try works. I have other graphics in the same document that DO work, and I cannot figure out this problem for the life of me. I'm at my wit's end. I need to maintain design continuity for this slide, and I cannot do that without trace.

Please help.