- A summary report of a company's annual performance that bundles the 10-K report required by the Securities and Exchange Commission (SEC) with additional commentary from the company, covering such things as the corporate vision, letter to shareholders and business overview among other topics. The 10-K wrap is often released instead of a traditional annual report and generally contains fewer images and comments from management.
The biggest difference between the traditional annual report and the 10-K wrap is the way in which the information is presented and how much additional information is included above the required 10-K information. The traditional annual report has a greater focus on comments from the company and the document includes more images and graphs to communicate performance and corporate objective.
By contrast, the 10-K wrap is essentially the 10-K filed with the SEC along with some additional editorial from the company - but not nearly as much as the annual report. It usually has a lower production cost because it is often printed on lower-quality paper.
Investment dictionary. Academic. 2012.
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