We propose a simple phenomenological model for an ultrasmall ferromagnetic grain, formulated in terms of the grain's discrete energy levels. We compare the model's predictions with recent measurements of the discrete tunneling spectrum through such a grain. The model can qualitatively account for the observed features if we assume (i) that the anisotropy energy varies among different eigenstates of one grain, and (ii) that nonequilibrium spin accumulation occurs.PACS numbers: 73.23. Hk, 75.50.Cc, 73.40.Gk What are the properties of individual quantum states in the electronic excitation spectrum of a nanometerscale ferromagnetic particle? This is becoming an increasingly important question, since the size of memory elements in magnetic storage technologies is decreasing extremely rapidly [1], and particles as small as 4 nm are coming under investigation [2]. In this size regime, the excitation spectrum becomes discrete; indeed, Guéron, Deshmukh, Myers and Ralph (GDMR) [3] have recently succeeded to resolve individual quantum states in the spectrum of ferromagnetic Cobalt nanograins, using single-electron tunneling spectroscopy. They found complex nonmonotonic and hysteretic energy level shifts in an applied magnetic field and an unexpected abundance of low-energy excitations, which could not be fully understood within the simple models used for ferromagnetic nanograins so far [3,4].In this Letter, we propose a phenomenological model for ferromagnetic nanograins that is explicitly formulated in terms of the discrete states occupied by the itinerant conduction electrons and capable of qualitatively explaining the observed features. The model is similar in spirit to that advanced independently by Canali and MacDonald [4], but our analysis includes two further ingredients beyond theirs: (i) mesoscopic fluctuations of the anisotropy energy (i.e. it may vary among different eigenstates), and (ii) nonequilibrium spin accumulation.Experimental Results.-GDMR studied Co-particles 1-4 nm in diameter. Assuming a hemispherical shape, the number of atoms in such grains is in the range N a ≈ 20-1500, and the total spin, s 0 ≈ 0.83N a [5], thus is s 0 ≈ 17 − 1250. In GDMR's devices, a grain is connected to two aluminum electrodes via aluminum oxide barriers. Its tunneling conductance consists of a series of distinct peaks (see Fig. 2 in [3]), whose positions yield a set of tunneling energies of the form [6] ∆E ± f i ≡ E N ±1 f − E N i each corresponding to the energy cost of some rate-limiting electron tunneling process |i N → |f N ±1 onto or off the grain. Here |i N denotes a discrete eigenstate, with eigenenergy E N i , of a grain with N electrons, etc. As the magnetic field is swept, the resonances for Cograins undergo energy shifts and crossings (Fig. 3 in [3], [7]). The resulting tunneling spectra have several properties that differ strikingly from those of previously-studied nonmagnetic Al and Au grains [8,9]: (P1): Many more low-energy excitations are observed than expected: For all values of magnetic field, the mean l...