================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G (RULE 13D-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13D-1(B) (C), AND (D) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13D-2(B) (AMENDMENT NO. 5)* MULTI-COLOR CORPORATION -------------------------------------------------------------------------------- (NAME OF ISSUER) COMMON STOCK, NO PAR VALUE -------------------------------------------------------------------------------- (TITLE OF CLASS OF SECURITIES) 625383104 -------------------------------------------------------------------------------- (CUSIP NUMBER) DECEMBER 31, 2006 -------------------------------------------------------------------------------- (DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT) -------------------------------------------------------------------------------- CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT TO WHICH THIS SCHEDULE IS FILED: [X] RULE 13d-1(b) [_] RULE 13d-1(c) [_] RULE 13d-1(d) -------------------------------------------------------------------------------- *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). ================================================================================ ------------------- ----------------- CUSIP NO. 625383104 13G PAGE 2 OF 5 PAGES ------------------- ----------------- -------------------------------------------------------------------------------- 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Ashford Capital Management, Inc. ----- -------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [ ] (b) [ ] ----- -------------------------------------------------------------------------- 3 SEC USE ONLY ----- -------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION A Delaware Corporation -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 641,660 Shares NUMBER OF ----- ------------------------------------------------ SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED BY 0 EACH ----- ------------------------------------------------ REPORTING 7 SOLE DISPOSITIVE POWER PERSON WITH 641,660 Shares ----- ------------------------------------------------ 8 SHARED DISPOSITIVE POWER 0 -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 641,660 Shares ----- -------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] ----- -------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 9.74% ----- -------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA -------------------------------------------------------------------------------- ------------------- ----------------- CUSIP NO. 625383104 13G PAGE 3 OF 5 PAGES ------------------- ----------------- ITEM 1. (a) Name of Issuer: Multi-Color Corporation (b) Address of Issuer's Principal Executive Offices: 425 Walnut Street, Suite 1300, Cincinnati, OH 45202 ITEM 2. (a) Name of Person Filing: Ashford Capital Management, Inc. (b) Address of Principal Business Office or, if None, Residence: P.O. Box 4172, Wilmington, DE 19807 (c) Citizenship: A Delaware Corporation (d) Title of Class of Securities: Common Stock, No Par Value Per Share (e) CUSIP Number: 625383104 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A: (a) [_] Broker or Dealer registered under Section 15 of the Securities Exchange Act of 1934 (the "Act"). (b) [_] Bank as defined in Section 3(a)(6) of the Act. (c) [_] Insurance Company as defined in Section 3(a)(19) of the Act. (d) [_] Investment Company registered under Section 8 of the Investment Company Act. (e) [X] Investment Advisor registered under Section 203 of the Investment Advisers Act of 1940. (f) [_] Employee Benefit Plan, Pension Fund which is subject to the provisions of the Employee Retirement Income Security Act of 1974 or Endowment Fund; see 13d-1(b)(1)(ii)(F). (g) [_] Parent Holding Company, in accordance with Rule 13d-1(b)(ii) (G); see Item 7. (h) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(H). ITEM 4. OWNERSHIP. (a) Amount Beneficially Owned: 641,660 shares (b) Percent of Class: 9.74% The foregoing percentage is calculated based on 6,586,115 shares of Common Stock reported to be outstanding as of October 31, 2006 in the Quarterly Report filed on Form 10-Q. (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 641,660 shares (ii) shared power to vote or to direct the vote: 0 shares ------------------- ----------------- CUSIP NO. 625383104 13G PAGE 4 OF 5 PAGES ------------------- ----------------- (iii) sole power to dispose or to direct the disposition of: 641,660 shares (iv) shared power to dispose or to direct the disposition of: 0 shares ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS. Not applicable. ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. The shares reported by the Reporting Person, a registered investment adviser, are held in separate individual client accounts, two separate limited partnerships and ten commingled funds. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON. Not applicable. ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. Not applicable. ITEM 9. NOTICE OF DISSOLUTION OF GROUP. Not applicable. ITEM 10. CERTIFICATION. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. ------------------- ----------------- CUSIP NO. 625383104 13G PAGE 5 OF 5 PAGES ------------------- ----------------- SIGNATURE After reasonable inquiry and to the best of its knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 9, 2007 ASHFORD CAPITAL MANAGEMENT, INC. By: /s/Anthony M. Petrucci -------------------------------- Anthony M. Petrucci Treasurer and Chief Compliance Officer