  We point out that in processes involving the parton content of the photon the
usual effective photon approximation should be modified. The reason is that the
parton content of virtual photons is logarithmically suppressed compared to
real photons. We describe this suppression using several simple, physically
motivated ans\"atze. Although the parton content of the electron in general no
longer factorizes into an electron flux function and a photon structure
function, it can still be expressed as a single integral. Numerical examples
are given for the \eplem\ collider TRISTAN as well as the $ep$ collider HERA.
