A Mutual Composite Fermion (MCF) picture is proposed to explain the interlayer coherent incompressible phase in bilayer Quantum Hall systems at total filling factor νT=ν1+ν2 =1. There are gapped quasi-particles (QP) and quasi-holes (QH) excitations with total fractional charges ±ν1 and ±ν2. The total fractional charges are evenly distributed between the two layers. The QP and QH are asymptotically free even at T=0 . In contrast to previous claims, there is no finite temperature phase transition. Our results are contrasted with previous results from different pictures. Experimental implications are given.