We analyse ˜32 yr of optical spectra and photometry for the symbiotic binary PU Vul. Light curves for the He I λ4471, He II λ4686, and H β λ4861 emission lines reveal an illumination effect, where the hot white dwarf ionizes the outflowing wind of the red giant, and evidence for an eccentric orbit with e ≥ 0.16. Along with the gradual appearance of high ionization emission from [Fe VII] and O VI, the relative fluxes of these lines suggest an increase in the effective temperature of the hot component, from roughly 105 K on JD 244 8000 (1990) to roughly 2 × 105 K on JD 245 5000 (2009). During this period, the luminosity of the hot component dropped by a factor of 4-6 to a current value of roughly 1000 L⊙.
