================================================================================ P9303 A. Ponse & J.A. Verschuren "An algebraic specification of a model factory, part III" This paper reports on a case study of a model factory. In the papers [VW92,HP92] this factory is described and simulated in the specification language PSF. The present case study is based on these papers, and describes a specification of some features of memory management. [HP92] J.A. Hillebrand and A.~Ponse. An algebraic specification of a Model Factory, part II. Report P9214, University of Amsterdam, 1992. [VW92] S.F.M. van Vlijmen and A. van Waveren. An algebraic specification of a Model Factory. Report P9209, University of Amsterdam, 1992. NOTE: a listing of the PSF code is included on pages 16-27, although not visible using ghostview.