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.
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