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The key characteristics of electronic excitations of many-electron systems, the excitation energies ωα and the oscillator strengths fα, can be obtained from linear response theory. In one-electron models and within the adiabatic approximation, the zeros of the inverse response matrix, which occur at the excitation energies, can be obtained from a simple diagonalization. Particular cases are the eigenvalue equations of time-dependent density functional theory (TDDFT), time-dependent density matrix functional theory, and the recently developed phase-including natural orbital (PINO) functional theory. In this paper, an expression for the oscillator strengths fα of the electronic excitations is derived within adiabatic response PINO theory. The fα are expressed through the eigenvectors of the PINO inverse response matrix and the dipole integrals. They are calculated with the phaseincluding natural orbital functional for two-electron systems adapted from the work of Lowdin ¨ and Shull on two-electron systems (the phase-including Löwdin-Shull functional). The PINO calculations reproduce the reference fα values for all considered excitations and bond distances R of the prototype molecules H2 and HeH+ very well (perfectly, if the correct choice of the phases in the functional is made). Remarkably, the quality is still very good when the response matrices are severely restricted to almost TDDFT size, i.e., involving in addition to the occupied-virtual orbital pairs just (HOMO+1)-virtual pairs (R1) and possibly (HOMO+2)-virtual pairs (R2). The shape of the curves fα(R) is rationalized with a decomposition analysis of the transition dipole moments. peerReviewed