We describe a high-resolution, high-sensitivity CO(1-0) survey of a la
rge fraction of the south-west star-forming ''ring'' 20 kpc in diamete
r in M31 made with the 14 m FCRAO telescope and its QUARRY receiver ar
ray. At the 45 '' angular resolution of the telescope, the ring is res
olved into giant complexes of molecular gas with typical sizes of a fe
w hundred parsecs and masses in excess to 10(6) M.. Most of these deli
neate a prominent spiral arm coincident with that traced by atomic hyd
rogen and dust. This arm appears in all respects quite similar to a pr
ominent spiral arm in our Galaxy at about the same Galactic radius: th
e Carina arm. Closer to the center, a second fainter molecular spiral
arm segment with an H I and dust counterpart is also detected. The mai
n OB associations and the UV light define an arm offset from that trac
ed by the gas by about 500 pc. The H II regions are mainly found eithe
r along the edge of the prominent gaseous arm which faces the associat
ions, or aligned with the second fainter gaseous arm. They define Baad
e's arms S4 and S3, respectively.