  We present near-infrared observations of the counterpart of GRB 000301c. The
K' filter (2.1 micron) light curve shows a well-sampled break in the decay
slope at t=3.5 days post-burst. The early time slope is very shallow (~ -0.1),
while the late time slope is steep (-2.2). Comparison with the optical (R band)
light curve shows marginally significant differences, especially in the early
time decay slope (which is steeper in the optical) and the break time (which
occurs later in the optical). This is contrary to the general expectation that
light curve breaks should either be achromatic (e.g., for breaks due to
collimation effects) or should occur later at longer wavelengths (for most
other breaks). The observed color variations might be intrinsic to the
afterglow, or might indicate systematic errors of > 0.08 magnitude in all
fluxes. Even if the break is achromatic, we argue that its sharpness poses
difficulties for explanations that depend on collimated ejecta. The R light
curve shows further signs of fairly rapid variability (a bump, steep drop, and
plateau) that are not apparent in the K' light curve. In addition, by combining
the IR-optical-UV data with millimeter and radio fluxes, we are able to
constrain the locations of the self-absorption break and cooling break and to
infer the location of the spectral peak at t=3 days: f_nu = 3.4 mJy at nu=1e12
Hz. Using the multiwavelength spectral energy distribution, we are able to
constrain the blast wave energy, which was E > 3e53 erg if the explosion was
isotropic. This implies a maximum gamma ray production efficiency of ~ 0.15 for
GRB 000301C.
