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The finite N version of Matrix theory describes M-theory and superstrings in so-called discretized light cone quantization (DLCQ). Its role has been explained for M-theory in 11 dimensions and for type IIA theory. We show novelties which arise by generalizing the ideas to heterotic strings. The states which arise in O(N) theories with odd N we interpret as fields which are antiperiodic in the longitudinal direction. Consistency of these ideas provides a new evidence for the conjecture that finite N models describe sectors with a given longitudinal momentum.
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