  Results of a multi-color study of the variability of the magnetic cataclysmic
variable BY Cam are presented. The observations were obtained at the Korean
1.8m and Ukrainian 2.6m, 1.2m and 38-cm telescopes in 2003-2005, 56
observational runs cover 189 hours. The variations of the mean brightness in
different colors are correlated with a slope dR/dV=1.29(4), where the number in
brackets denotes the error estimates in the last digits. For individual runs,
this slope is much smaller ranging from 0.98(3) to 1.24(3), with a mean value
of 1.11(1). Near the maximum, the slope becomes smaller for some nights,
indicating more blue spectral energy distribution, whereas the night-to-night
variability has an infrared character. For the simultaneous UBVRI photometry,
the slopes increase with wavelength from dU/dR=0.23(1) to dI/dR=1.18(1). Such
wavelength dependence is opposite to that observed in non-magnetic cataclysmic
variables, in an agreement to the model of cyclotron emission. The principal
component analysis shows two (with a third at the limit of detection)
components of variablitity with different spectral energy distribution, which
possibly correspond to different regions of emission. The scalegram analysis
shows a highest peak corresponding to the 200-min spin variability, its quarter
and to the 30-min and 8-min QPOs. The amplitudes of all these components are
dependent on wavelength and luminosity state. The light curves were fitted by a
statistically optimal trigonometrical polynomial (up to 4-th order) to take
into account a 4-hump structure. The dependences of these parameters on the
phase of the beat period and on mean brightness are discussed. The amplitude of
spin variations increases with an increasing wavelength and with decreasing
brightness
