The HERA data on inelastic lepton proton scattering for values of the Bjorken scaling variable x < 0.05 are confronted with predictions based on Generalized Vector Dominance. Good agreement between theory and experiment is found over the full kinematic range of the squared four-momentum-transfer, Q^2, from Q^2 = 0 (photoproduction) to Q^2 < 350 GeV^2.