1041 Part III, page 2. You need to know the terms of the trust. USUALLY, but not always, gains are taxed at the trust level and not passed through to the beneficiaries. Losses cannot be passed through until the year of termination of the trust or estate.

Some trusts, typically complex ones, might pass out gains. Simple ones typically do not.

{Sorry, just read this post} Income to benes does not typically include gains. Gains are Corpus, not income.