Abstract
We study families of PP-wave solutions of type-IIB supergravity that have (light-cone) time dependent metrics and RR five-form fluxes. They arise as Penrose limits of supergravity solutions that correspond to rotating or continuous distributions of D3-branes. In general, the solutions preserve sixteen supersymmetries. On the dual field theory side these backgrounds describe the BMN limit of N=4 SYM when some scalars in the field theory have non-vanishing expectation values. We study the perturbative string spectrum and in several cases we are able to determine it exactly for the bosons as well as for the fermions. We find that there are special states for particular values of the light-cone constant P_+.