Abstract submitted to the International Europhysics Conference on High Energy Physics July 12 - 18, 2001, Budapest, Hungary _________________________________________________________________________ Study of inclusive D^0 photoproduction at HERA ZEUS Collaboration Abstract Inclusive D^0 photoproduction has been measured with the ZEUS detector at HERA using an integrated luminosity of 66 pb^{-1}. The measurement is done using the D^0 -> K^- pi^+ (+c.c.) decay mode in the kinematic region p_T^{D^0} > 4 GeV, |eta^{D^0}| < 1.5 and 130 < W < 280 GeV, where W is the gamma-p centre-of-mass energy. The data are compared with inclusive D^{*\pm} photoproduction via the decay chain D^{*+} -> D^0 pi^{+} -> K^-pi^+pi^+ (+c.c) in the same kinematic region. This leads to the first measurement at HERA of the ratio of the vector/(vector + pseudoscalar) production rates for charmed mesons. The result is compared to those obtained from e^+e^- annihilations.