The first measurement of F_2,c^gamma is presented. At low x the measurement
indicates a non-zero hadron-like component to F_2,c^gamma.
At large x the measurement constitutes a test of perturbative QCD at
next-to-leading order, with only m_c and alpha_s as free parameters, with a
precision of O(40%).Comment: 6 pages, 6 figures, Invited talk given at the PHOTON 2000 Conference,
Ambleside, UK, August 26-31, 2000, to appear in the Proceeding