SU(2|1) supersymmetric multi-particle quantum mechanics with additional semi-dynamical spin degrees of freedom is considered. In particular, we provide an N = 4 supersymmetrization of the quantum U(2) spin Calogero-Moser model, with an intrinsic mass parameter coming from the centrally-extended superalgebra su(2|1). The full system admits an SU(2|1) covariant separation into the center-of-mass sector and the quotient. We derive explicit expressions for the classical and quantum SU(2|1) generators in both sectors as well as for the total system, and we determine the relevant energy spectra, degeneracies, and the sets of physical states.2 It was shown in [17], that the centrally extended superalgebra su(2|1) can be represented as a semi-direct sum of su(2|1) and an extra R-symmetry generator: su(2|1) ≃ su(2|1)+ ⊃ u(1). The central charge is a combination of the R-symmetry generator and the internal U(1) generator of su(2|1). In the models under consideration the central charge operator is identified with the canonical Hamiltonian.3 The kinetic term of the variables Z k a in the action (1.5) is of the first-order in the time derivatives, in contrast to the dynamical variable X a b with the second-order kinetic term. Just for this reason we call Z k a ,Z a k semi-dynamical variables. In the Hamiltonian (see below), they appear only in the interaction terms and enter through the SU(2) current S (ik) .