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The theory of small-angle X-ray scattering or light scattering from a system of N randomly distributed, internally homogeneous phases is presented. The special case of three components yields a correlation function which is the sum of two exponential terms whose associated `correlation lengths' are complicated functions of all the interphase surfaces and volume fractions and cannot, therefore, be interpreted in a simple way. From the correlation function, three independent parameters are obtained which in principle may be used to determine the three interphase surfaces S21, S23 and S31, provided the volume fractions of the phases are known.