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This paper proposes a computational, very efficient, approach for designing a novel family of M-channel maximally decimated nearly perfect-reconstruction cosine-modulated transmultiplexers. This approach is referred to as the generalized windowing method for transmultiplexers because after knowing the transmission channel a proper weighted sum of the inter-channel and inter-symbol interferences can be properly taken into account in the optimization of the window function, unlike in other existing windowing techniques. The proposed approach has also the following two advantages. First, independent of the number of subchannels and the common order of the subchannel filters, the number of unknowns is only four. Second, the overall optimization procedure is made considerably fast by estimating the above-mentioned sum in terms of two novel measures, namely, the signal to inter-symbol and the signal to inter-channel interferences, which are very easy to evaluate. Furthermore, when the transmission channel is not considered in the design, a table is provided, which contains the parameters for designing the prototype filter directly by using the windowing method without any time-consuming optimization. When comparing the resulting transmultiplexers with the corresponding perfect-reconstruction designs (the same number of subchannels and same prototype filter order), the levels of interferences are practically the same. However, when the system is affected by a strong narrowband interference, the proposed transmultiplexers outperform their PR counterparts. Design examples are included illustrating the efficiency of the proposed design approach over other existing techniques based on the use of the windowing method.