diff --git a/docs/topics/release-notes.md b/docs/topics/release-notes.md
index d3f85e6ee..1ddd83519 100644
--- a/docs/topics/release-notes.md
+++ b/docs/topics/release-notes.md
@@ -43,6 +43,7 @@ You can determine your currently installed version using `pip freeze`:
 ### Master
 
 * JSON renderer now deals with objects that implement a dict-like interface.
+* Bugfix: Refine behavior that calls model manager `all()` across nested serializer relationships, preventing erronous behavior with some non-ORM objects, and preventing unneccessary queryset re-evaluations.
 
 ### 2.3.10
 
diff --git a/rest_framework/serializers.py b/rest_framework/serializers.py
index 44e4b04b1..0d35fb327 100644
--- a/rest_framework/serializers.py
+++ b/rest_framework/serializers.py
@@ -412,7 +412,13 @@ class BaseSerializer(WritableField):
 
         # Set the serializer object if it exists
         obj = get_component(self.parent.object, self.source or field_name) if self.parent.object else None
-        obj = obj.all() if is_simple_callable(getattr(obj, 'all', None)) else obj
+
+        # If we have a model manager or similar object then we need
+        # to iterate through each instance.
+        if (self.many and
+            not hasattr(obj, '__iter__') and
+            is_simple_callable(getattr(obj, 'all', None))):
+            obj = obj.all()
 
         if self.source == '*':
             if value: