Motivated by manifest Lorentz symmetry and a well-defined large-N limi
t prescription, we study the supersymmetric quantum mechanics proposed
as a model for the collective dynamics of D0-branes from the point of
view of the Ii-dimensional supermembrane. We argue that the continuit
y of the spectrum persists irrespective of the presence of winding aro
und compact target-space directions and discuss the central charges in
the superalgebra arising from winding membrane configurations. Along
the way we comment on the structure of open supermembranes.