Self-consistent dynamic models of the M31 nucleus were constructed which satisfy Stratoscope II and ground-based photometry, as well as ground-based velocity dispersion measurements. Two models designed to yield the highest and lowest mass-to-light ratios (M/L) consistent with observations are concentrated on. It is found that self-consistent static models of the M31 nucleus can be constructed with a nuclear mass-to-blue magnitude ratio between 0 and 50, and that it is very difficult to construct high M/L models with plausible evolutionary histories. The low values of M/L that were found suggest that the nucleus must be composed of stars on nearly radial orbits whose apocenters lie well outside the observable part of the nucleus. Such nuclei may be formed either during core collapse of a preexisting dense nucleus or by orbital decay of globular clusters in a triaxial bulge.