Every year the Chincoteague fire department rounds up the wild ponies of Assateague Island and holds an auction to thin out the herd. The young children set out to raise enough money in hopes that the Phantom will be caught in this years round up. They soon realize they will get more than they bargained for when the Phantom has a surprise for everyone: a foal named Misty.
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| Directing | James B. Clark | Director |
| Camera | Leo Tover | Director of Photography |
| Costume & Make-Up | Helen Turpin | Key Hair Stylist |
| Production | Arthur Lueker | Unit Production Manager |
| Sound | Max Reese | Orchestrator |
| Art | Duncan Cramer | Art Direction |
| Art | Maurice Ransford | Art Direction |
| Writing | Marguerite Henry | Novel |
| Directing | Stanley Hough | Assistant Director |
| Costume & Make-Up | Ben Nye | Makeup Artist |
| Sound | Bernard Freericks | Sound |
| Sound | Bert Shefter | Original Music Composer |
| Camera | Lee Garmes | Director of Photography |
| Sound | Paul Sawtell | Original Music Composer |
| Art | Stuart A. Reiss | Set Decoration |
| Editing | Fredrick Y. Smith | Editor |
| Production | Robert B. Radnitz | Producer |
| Writing | Ted Sherdeman | Screenplay |
| Art | Walter M. Scott | Set Decoration |
| Sound | Frank W. Moran | Sound |
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