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.