  We present narrowband-M photometry of nine low-mass dwarfs with spectral
types ranging from M2.5 to L0.5. Combining the (L'-M') colours derived from our
observations with data from the literature, we find colours consistent with a
Rayleigh-Jeans flux distribution for spectral types earlier than M5, but
enhanced F_3.8/F_4.7 flux ratios (negative (L'-M') colours) at later spectral
types. This probably reflects increased absorption at M' due to the CO
fundamental band. We compare our results against recent model predictions and
briefly discuss the implications.
