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We consider an iterative eigensolver for Schrödinger equations that constructs low-rank approximations of eigenfunctions with accuracy-adapted ranks, with particular focus on fermionic Schrödinger equations in second-quantized form and on matrix product state approximations enforcing particle number conservation. We provide a complete analysis of a solver based on preconditioned inverse iteration combined with rank truncation and propose a generalization to subspace iteration for the joint approximation of several eigenspaces. The practical performance of the method is illustrated by numerical tests for several model problems.

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