diff --git a/rest_framework/serializers.py b/rest_framework/serializers.py
index b1b7b64774..56beb03abc 100644
--- a/rest_framework/serializers.py
+++ b/rest_framework/serializers.py
@@ -711,7 +711,7 @@ def to_representation(self, data):
         iterable = data.all() if isinstance(data, models.manager.BaseManager) else data
 
         return [
-            self.child.to_representation(item) for item in iterable
+            self.child.to_representation(item) if item is not None else None for item in iterable
         ]
 
     def validate(self, attrs):