PACS 71.15.-m -Methods of electronic structure calculations PACS 71.27.+a -Strongly correlated electron systems; heavy fermions PACS 71.10.-w -Theories and models of many-electron systems Abstract -We present the first application of a recently proposed electronic structure scheme to transition metal oxides: screened exchange dynamical mean field theory includes non-local exchange beyond the local density approximation and dynamical correlations beyond standard dynamical mean field theory. Our results for the spectral function of SrVO3 are in agreement with available experimental data, including photoemission spectroscopy and thermodynamics. Finally, the 3d 0 compound SrTiO3 serves as a test case to illustrate how the theory reduces to the band structure of standard electronic structure techniques for weakly correlated compounds.Introduction. -Combined density functional many body theories, such as the combination of the local density approximation with dynamical mean field theory ("LDA+DMFT") [1][2][3], have revolutionized the field of first principles electronic structure calculations over the last decade, and many successful applications to materials ranging from simple transition metals [4,5] or f-electron metals [6][7][8] to complex oxides [9,10] have been worked out. Nevertheless, it has also been pointed out that conceptual deficiencies related to the use of the Kohn-Sham band structure or the neglect of dynamical screening effects [11-13] may have practical implications limiting the predictive power of the approach. A more satisfactory approach, formulated entirely in a Green's function language, is the combined many-body perturbation dynamical mean field theory scheme "GW+DMFT" [14][15][16]. The first implementations of GW+DMFT have recently been elaborated, with applications to SrVO 3 [17,18] and to systems of adatoms on surfaces [19]. Nevertheless, since the approach is computationally heavy, an important line of research remains the developing and testing of approx-