diff --git a/integration_test/tests/wallet.rs b/integration_test/tests/wallet.rs
index f81e7fd7..32e07157 100644
--- a/integration_test/tests/wallet.rs
+++ b/integration_test/tests/wallet.rs
@@ -484,6 +484,24 @@ fn wallet__keypool_refill() {
     let _: () = node.client.key_pool_refill().expect("keypoolrefill");
 }
 
+#[test]
+fn wallet__list_address_groupings__modelled() {
+    let node = Node::with_wallet(Wallet::Default, &[]);
+    node.fund_wallet();
+
+    let address = node.client.new_address().expect("failed to create new address");
+    let amount = Amount::from_sat(10_000);
+    node.client.send_to_address(&address, amount).expect("sendtoaddress").txid().unwrap();
+    node.mine_a_block();
+
+    let json: ListAddressGroupings =
+        node.client.list_address_groupings().expect("listaddressgroupings");
+    let model: Result<mtype::ListAddressGroupings, _> = json.into_model();
+    let groupings = model.unwrap();
+
+    assert!(!groupings.0.is_empty());
+}
+
 #[cfg(not(feature = "v17"))]
 #[test]
 fn wallet__list_received_by_label__modelled() {
diff --git a/types/src/v17/wallet/into.rs b/types/src/v17/wallet/into.rs
index 9cd26933..ef8bec97 100644
--- a/types/src/v17/wallet/into.rs
+++ b/types/src/v17/wallet/into.rs
@@ -450,7 +450,14 @@ impl GetWalletInfo {
 impl ListAddressGroupings {
     /// Converts version specific type to a version nonspecific, more strongly typed type.
     pub fn into_model(self) -> Result<model::ListAddressGroupings, ListAddressGroupingsError> {
-        todo!() // Don't do this till we work out what the docs mean.
+        let groups = self
+            .0
+            .into_iter()
+            .map(|group| {
+                group.into_iter().map(|item| item.into_model()).collect::<Result<Vec<_>, _>>()
+            })
+            .collect::<Result<Vec<_>, _>>()?;
+        Ok(model::ListAddressGroupings(groups))
     }
 }
 
@@ -458,11 +465,18 @@ impl ListAddressGroupingsItem {
     /// Converts version specific type to a version nonspecific, more strongly typed type.
     pub fn into_model(self) -> Result<model::ListAddressGroupingsItem, ListAddressGroupingsError> {
         use ListAddressGroupingsError as E;
-
-        let address = self.address.parse::<Address<_>>().map_err(E::Address)?;
-        let amount = Amount::from_btc(self.amount).map_err(E::Amount)?;
-
-        Ok(model::ListAddressGroupingsItem { address, amount, label: self.label })
+        match self {
+            ListAddressGroupingsItem::Two(addr, amt) => {
+                let address = addr.parse::<Address<_>>().map_err(E::Address)?;
+                let amount = Amount::from_btc(amt).map_err(E::Amount)?;
+                Ok(model::ListAddressGroupingsItem { address, amount, label: None })
+            }
+            ListAddressGroupingsItem::Three(addr, amt, label) => {
+                let address = addr.parse::<Address<_>>().map_err(E::Address)?;
+                let amount = Amount::from_btc(amt).map_err(E::Amount)?;
+                Ok(model::ListAddressGroupingsItem { address, amount, label: Some(label) })
+            }
+        }
     }
 }
 
diff --git a/types/src/v17/wallet/mod.rs b/types/src/v17/wallet/mod.rs
index 20395fa5..f546585d 100644
--- a/types/src/v17/wallet/mod.rs
+++ b/types/src/v17/wallet/mod.rs
@@ -612,16 +612,17 @@ pub struct JsonRpcError {
 pub struct ListAddressGroupings(pub Vec<Vec<ListAddressGroupingsItem>>);
 
 /// List item type returned as part of `listaddressgroupings`.
-// FIXME: The Core docs seem wrong, not sure what shape this should be?
+///
+/// Core encodes items as a JSON array with either 2 elements `[address, amount]` when there is no
+/// label or 3 elements `[address, amount, label]` when a label is present. Represent this as an
+/// untagged enum of tuple variants so Serde can match either length without custom code.
 #[derive(Clone, Debug, PartialEq, Deserialize, Serialize)]
-#[serde(deny_unknown_fields)]
-pub struct ListAddressGroupingsItem {
-    /// The bitcoin address.
-    pub address: String,
-    /// The amount in BTC.
-    pub amount: f64,
-    /// The label.
-    pub label: Option<String>,
+#[serde(untagged)]
+pub enum ListAddressGroupingsItem {
+    /// Entry without label.
+    Two(String, f64),
+    /// Entry with label.
+    Three(String, f64, String),
 }
 
 /// Result of the JSON-RPC method `listlabels`.