The ideas of value distribution for measurable functions from pg to R
are applied to functions which are approximately monotonic on sets of
positive measure. (For definitions see 1.) A function p(x) is introduc
ed, describing the local relative value distribution in the neighbourh
ood of a point x, and it is shown that almost everywhere p(x) = 0 or 1
/2 wherever p(x) exists, implying approximate differentiabiilty, with
the function approximately oscillatory elsewhere. These results are ap
plied to the analysis of angular boundary behaviour for Herglotz funct
ions, where they have implications for the spectral analysis of differ
ential and other operators.