The 1986–87 Associate Members' Cup, known as the 1986–87 Freight Rover Trophy, was the fourth staging of the Associate Members' Cup, a knock-out competition for English football clubs in the Third Division and the Fourth Division. The winners were Mansfield Town and the runners-up were Bristol City.

The competition began on 24 November 1986 and ended with the final on 24 May 1987 at Wembley Stadium.^[1]

In the first round, there were two sections split into eight groups: North and South. In the following rounds each section gradually eliminates teams in knock-out fashion until each has a winning finalist. At this point, the two winning finalists faced each other in the combined final for the honour of the trophy.