An entire function f(z) is said
to have bounded value distribution (b.v.d.) if there exist constants p,R such that the
equation f(z) = w never has more than p roots in any disk of radius R. It is shown
that this is the case for a particular p and some R > 0 if and only if there is a
constant C > 0 such that for all z
so that f′(z) has bounded index in the sense of Lepson.