Unable to Change Reference Printing Transparency

I am working on a drawing that's in front of a reference image. The reference image serves as a background, and is set to 80 transparency. When I save the file to PDF the background returns to 0 transparency. I've changed the transparency in the Layer settings as well as the reference properties but it doesn't make a difference. I have the "Print transparency" box checked in print options. I've only done this when saving to PDF, not printing a hard copy.

Please let me know if there's a way to preserve reference image transparency when saving to PDF.

Thanks.