diff --git a/Lib/concurrent/futures/_base.py b/Lib/concurrent/futures/_base.py
@@ -171,15 +171,24 @@ def _create_and_install_waiters(fs, return_when):
    return waiter


-def _yield_and_decref(fs, ref_collect):
    """
-    Iterate on the list *fs*, yielding objects one by one in reverse order.
-    Before yielding an object, it is removed from each set in
-    the collection of sets *ref_collect*.
    """
    while fs:
        for futures_set in ref_collect:
-            futures_set.remove(fs[-1])
        # Careful not to keep a reference to the popped value
        yield fs.pop()

@@ -216,7 +225,8 @@ def as_completed(fs, timeout=None):
        waiter = _create_and_install_waiters(fs, _AS_COMPLETED)
    finished = list(finished)
    try:
-        yield from _yield_and_decref(finished, ref_collect=(fs,))

        while pending:
            if timeout is None:
@@ -237,9 +247,11 @@ def as_completed(fs, timeout=None):

            # reverse to keep finishing order
            finished.reverse()
-            yield from _yield_and_decref(finished, ref_collect=(fs, pending))

    finally:
        for f in fs:
            with f._condition:
                f._waiters.remove(waiter)

diff --git a/Lib/test/test_concurrent_futures.py b/Lib/test/test_concurrent_futures.py
@@ -406,7 +406,7 @@ def test_free_reference_yielded_future(self):
        # to finished futures.
        futures_list = [Future() for _ in range(8)]
        futures_list.append(create_future(state=CANCELLED_AND_NOTIFIED))
-        futures_list.append(create_future(state=SUCCESSFUL_FUTURE))

        with self.assertRaises(futures.TimeoutError):
            for future in futures.as_completed(futures_list, timeout=0):