In this paper, we present an exact transient and steady-state discrete-time queuing analysis of a statistical multiplexer with a finite number of input links and whose arrival process is correlated and consists of a train of a fixed number of fixed-length packets. The functional equation describing this queuing model is manipulated and transformed into a mathematical tractable form. This allows us to derive the transient probability generating function (pgf) of the buffer occupancy. From this transient pgf, time-dependent performance measures such as transient probability of empty buffer, transient mean of buffer occupancy and instantaneous packet overflow probabilities are derived. By applying the final-value theorem, the corresponding exact expressions for the steady-state pgf of the queue length and packet arrivals are derived. We also show how the transient analysis provides insights into the derivation of the system's busy period distribution. Closed-form expressions for the mean packet and message delays are also provided. The paper presents significant results on the transient and steady-state analysis of statistical multiplexers with N input links and correlated train arrivals.