A polythematic imitative fantasia with free sections. It is the first fantasia of the segundo tono group in book 2. Pujol rightly points to the thematic links with preceding tiento. He also pointed to its reworking by Venegas de Henestrosa. Pujol: “Esta misma fantasia se encuentra libremente glosada en el Libro de… de Venegas (No 57, pág. 81). Su extensión es reducida, de veintiséis compases…” (pujol1949, 72). The work alternates imitative and free sections, however only the opening section is strict imitation. The major tonal argument is between F and d. Begins in F.

The diagram below shows five sections but if III and IV are taken together, the work can be seen as four sections of similar length: 24, 20, 16 (=8+8), and 23 compses. The opening section conforms with Mudarra’s tendency to follow a strict opening exposition with free passages. There are two internal cadences that are unusual on the instrument but seem less extraordinary on paper than they do on the instrument (compases 29-30 and 51-52). Beautiful homophonic passages in the last section.

Venegas de Henestrosa reworked this fantasia. See 1557/2, no. 57 [Anglés edition, p. 81, Fantasia III] also incorporating material from Mudarra, Tiento 2 (Mu028)