String theory on NS-NS AdS(3)xS(3) admits an exactly marginal deformation which breaks the (R) x SL(2, R)(L) isometry of AdS(3) down to (R) x U(1)(L). The holographic dual is an exotic and only partially understood type of two-dimensional CFT Nvith a reduced unbroken global conformal symmetry group. In this paper we study the deformed theory on the string worldsheet. It is found to be related by a spectral flow which is nonlocal in spacetime to the undeformed worldsheet theory. An exact formula for the spectrum of massive strings is presented.
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