This paper presents a new model construction for a natural cut-free infinitary version Kω (μ) of the propositional modal μ-calculus. Based on that the completeness of Kω (μ) and the related system Kω(μ) can be established directly – no detour, for example through automata theory, is needed. As a side result we also obtain a finite, cut-free sound and complete system for the propositional modal ...