Consider a homogenized spectral pencil of exactly solvable linear
differential operators $T_{\la}=\sum_{i=0}^k Q_{i}(z)
\la^{k-i}\frac {d^i}{dz^i}$,
where each $Q_{i}(z)$ is a polynomial of degree at most
$i$ and $\la$ is the spectral parameter.
We show that under mild nondegeneracy assumptions for all
sufficiently large positive integers $n$ there exist
exactly $k$ distinct values
$\la_{n,j}$, $1\le j\le k$, of the
spectral parameter $\la$ such that the operator
$T_{\la}$ has a polynomial eigenfunction
$p_{n,j}(z)$ of degree $n$. These
eigenfunctions split into $k$ different families according to the
asymptotic behavior of their eigenvalues. We conjecture and prove sequential
versions of three fundamental properties: the limits
$\Psi_{j}(z)=\lim_{n\to\infty} \frac
{p_{n,j}'(z)}{\la_{n,j}p_{n,j}(z)}$ exist, are
analytic and satisfy the
algebraic equation
$\sum_{i=0}^k Q_{i}(z) \Psi_{j}^i(z)=0$ almost everywhere in $\bCP$. As a
consequence we obtain a
class of algebraic functions possessing a branch
near $\infty\in \bCP$ which is representable as the Cauchy
transform of a compactly supported probability measure.
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