  We examine the light and color evolution of the T Tauri binary KH 15D through
photometry obtained at wavelengths between 0.55 and 8.0 $\mu$m. The data were
collected with ANDICAM on the 1.3 m SMARTS telescope at Cerro-Tololo
Inter-American Observatory and with IRAC on the Spitzer Space Telescope. We
show that the system's circumbinary ring, which acts as a screen that covers
and uncovers different portions of the binary orbit as the ring precesses, has
reached an orientation where the brighter component (star B) fully or nearly
fully emerges during each orbital cycle. The fainter component (star A) remains
fully occulted by the screen at all phases. The leading and trailing edges of
the screen move across the sky at the same rate of $\sim$15 meters per second,
consistent with expectation for a ring with a radius and width of $\sim$4 AU
and a precession period of $\sim$6500 years. Light and color variations
continue to indicate that the screen is sharp edged and opaque at \emph{VRIJH}
wavelengths. However, we find an increasing transparency of the ring edge at
2.2, 3.6, and 4.5 $\mu$m. Reddening seen at the beginning of the eclipse that
occurred during the CSI 2264 campaign particularly suggests selective
extinction by a population of large dust grains. Meanwhile, the gradual bluing
observed while star B is setting is indicative of forward scattering effects at
the edge of the ring. The SED of the system at its bright phase shows no
evidence of infrared excess emission that can be attributed to radiation from
the ring or other dust component out to 8 microns.
