This issue is a variant of X-Men Annual (Marvel, 1970 series) #10 [Direct Edition].
Indicia title: X-Men® Annual Vol. 1 No. 10; cover title: The All New X-Men® Giant-Sized Annual 1986
Cover is an homage to the cover of Giant-Size X-Men (Marvel, 1975 series) #1 (1975)
The Official Marvel Index to the X-Men (Ward 1994) attributed lettering to Dan Crespi (GCD listed a similar credit for a time), but Dan Crespi died more than a year before this issue was printed. Any similarity to Crespi’s style may be the result of Marvel’s use of lettering transfers made from Crespi’s hand lettering, as described in The Official Marvel Index to the X-Men (Olshevsky 1987).
Continued from New Mutants Annual (Marvel, 1984 series) #2; Continued in Uncanny X-Men, the (Marvel, 1981 series) #215.