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A generalized form of coupled photon transport equations that can handle correlated light beams with distinct frequencies is introduced. The derivation is based on the principle of energy conservation. For a single frequency, the current formulation reduces to a standard photon transport equation, and for fluorescence and phosphorescence, the diffusion models derived from the proposed photon transport model match for homogenous media. The generalized photon transport model is extended to handle wideband inputs in the frequency domain.