  We present photometry and spectroscopy of the suspected cataclysmic variable
(CV) Lanning 386. We confirm that it is a CV, and observe deep eclipses, from
which we determine the orbital period Porb to be 0.1640517 +- 0.0000001 d (=
3.94 h). Photometric monitoring over two observing seasons shows a very active
system with frequent outbursts of variable amplitude, up to approx. 2 mag. The
spectrum in quiescence is typical of dwarf novae, but in its high state the
system shows strong HeII emission and a broad CIV Wolf-Rayet feature. This is
unusual for dwarf novae in outburst and indicates a high excitation. In its
high state the system shows some features reminiscent of an SW Sextantis-type
CV, but lacks others. We discuss the classification of this puzzling object.
