Supermoduli Space is Not Projected

We prove that for genus g >= 5, the moduli space of super Riemann surfaces is not projected (and in particular is not split): it cannot be holomorphically projected to its underlying reduced manifold. Physically, this means that certain approaches to superstring perturbation theory that are very powerful in low orders have no close analog in higher orders. Mathematically, it means that the moduli space of super Riemann surfaces cannot be constructed in an elementary way starting with the moduli space of ordinary Riemann surfaces. It has a life of its own.