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The Painlevé-III equation with parameters
Θ
0
=
n
+
m
and
Θ
∞
=
m
-
n
+
1
has a unique rational solution
u
(
x
)
=
u
n
(
x
;
m
)
with
u
n
(
∞
;
m
)
=
1
whenever
n
∈
Z
. Using a Riemann–Hilbert representation proposed in Bothner et al. (Stud Appl Math 141:626–679,
2018
), we study the asymptotic behavior of
u
n
(
x
;
m
)
in the limit
n
→
+
∞
with
m
∈
C
held fixed. We isolate an eye-shaped domain
E
in the
y
=
n
-
1
x
plane that asymptotically confines the poles and zeros of
u
n
(
x
;
m
)
for all values of the second parameter
m
. We then show that unless
m
is a half-integer, the interior of
E
is filled with a locally uniform lattice of poles and zeros, and the density of the poles and zeros is small near the boundary of
E
but blows up near the origin, which is the only fixed singularity of the Painlevé-III equation. In both the interior and exterior domains we provide accurate asymptotic formulæ for
u
n
(
x
;
m
)
that we compare with
u
n
(
x
;
m
)
itself for finite values of
n
to illustrate their accuracy. We also consider the exceptional cases where
m
is a half-integer, showing that the poles and zeros of
u
n
(
x
;
m
)
now accumulate along only one or the other of two “eyebrows,” i.e., exterior boundary arcs of
E
.