Extremal N=(2,2) 2D Conformal Field Theories and Constraints of Modularity

We explore the constraints on the spectrum of primary fields implied by modularity of the elliptic genus of N=(2,2) 2D CFT's. We show that such constraints have nontrivial implications for the existence of "extremal" N=(2,2) conformal field theories. Applications to AdS3 supergravity and flux compactifications are addressed.