  We identify exact excitation content of the intermediate states for the
one-particle Green's functions, spin-spin and (charge) density-density
correlation functions of the periodic one-dimensional $t$-$J$ model with
inverse square exchange. The excitations consist of neutral $S=1/2$ spinons and
spinless (charge $-e$) holons with semionic fractional statistics, and bosonic
(charge +2$e$) ``anti-holons'' which are excitations of the holon condensate.
Due to the supersymmetric Yangian quantum symmetry of this model, only the
excited states with {\it finite} number of elementary excitations contribute to
the spectral functions. We find a set of selection rules, and this allows us to
map out the regions of non-vanishing spectral weight in the energy-momentum
space for the various correlation functions.
