The 1990-1995 light curve of V Sagittae is shown to have brightness tr
ansitions lasting several days which separate extended intervals lasti
ng months in a bright or faint state. These transitions recur with sem
i-regularity at a characteristic period of similar to 240 days. Primar
y and secondary eclipses are conspicuous in the faint state, but are w
eaker when the system is bright. Our high-state spectra through primar
y eclipse show no obvious evidence for the rotational disturbance expe
cted from an accretion disk. (C) 1997 American Astronomical Society.