Billy's younger neighbor Tommy loves horses. Every night he dreams about them, all different ones. Every Christmas and every birthday Tommy's parents give him a horse for a present. They're always beautiful and fun to play with, but they're not real. One birthday, Tommy got a beautiful pony. It was as big as a pony, and he could even ride it. But it wasn't alive. Then one day when Tommy was out with Billy and Blaze, Billy's pony, they came across a little gray spotted pony. It was just perfect for a little boy like Tommy! So he runs to build the pony a stable, and tells his parents that for his next birthday he'll get a little gray spotted pony. Lo and behold, that's just what he gets!