Paul and his sister Maureen's determination to own a pony from the herd on Chincoteague Island, Virginia, is greatly increased when the Phantom and her colt are among the ponies rounded up for the yearly auction.
A baker's son, who dreams of becoming a riding master at Vienna's Spanish Court Riding School, is admitted as an apprentice and achieves his desire under the tutelage of both two-legged and four-legged masters.