A wrap report is a low-cost annual report, which is a public company's Form 10-K with an annual report cover wrapped around it. A small amount of additional commentary may be added by management. The cost is kept low by avoiding the use of graphics or color, and by minimizing the page count.
A wrap report is usually issued when a business does not want to spend an excessive amount on an annual report, and especially when little attention is being given to investor relations. The issuer of such a report tends to be a smaller public company. Larger entities are usually willing to allocate substantially more money to the production of a more lavish annual report.