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The proton and deuteron structure functions F p 2 and F d 2 are measured in inelastic muon scattering with an average beam energy of 470 GeV. The data were taken at Fermilab experiment E665 during 1991-92 using liquid hydrogen and deuterium targets. The F2 measurements are reported in the range 0:0008 < x < 0 : 6 and 0:2 < Q 2 < 75 GeV 2. These are the rst precise measurements of F2 in the low x and Q 2 range of the data. In the high x range of the data where they overlap in x and Q 2 with the measurements from NMC, the two measurements are in agreement. The E665 data also overlap in x with the HERA data, and there is a smooth connection in Q 2 between the two data sets. At high Q 2 the E665 measurements are consistent with QCDevolved leading twist structure function models. The data are qualitatively described 2 by structure function models incorporating the hadronic nature of the photon at low Q 2. The Q 2 and the W dependence of the data measure the transition in the nature of the photon between a point-like probe at high Q 2 and a hadronic object at low Q 2 .