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We investigate the suitability of natural orbitals as a basis for describingmany-body excitations. We analyze to which extend the natural orbitals describeboth bound as well as ionized excited states and show that depending on thespecifics of the excited state the ground-state natural orbitals yield a goodapproximation or not. We show that the success of reduced density-matrixfunctional theory in describing molecular dissociation lies in the flexibilityprovided by fractional occupation numbers while the role of the naturalorbitals is minor.

Is there a physical meaning of the natural orbitals? Analysis of exactly solvable models