  We show that gauge invariant composites in the fermionic realization of
$SU(N)_1$ conformal field theory explicitly exhibit the holomorphic
factorization of the corresponding WZW primaries. In the $SU(2)_1$ case we show
that the holomorphic sector realizes the spinon $Y(sl_2)$ algebra, thus
allowing the classification of the chiral Fock space in terms of semionic
quasi-particle excitations created by the composite fermions.
