Index: wp-includes/media.php
===================================================================
--- wp-includes/media.php	(revision 21260)
+++ wp-includes/media.php	(working copy)
@@ -395,7 +395,7 @@
 /**
  * Scale down an image to fit a particular size and save a new copy of the image.
  *
- * The PNG transparency will be preserved using the function, as well as the
+ * The PNG and GIF transparency will be preserved using the function, as well as the
  * image type. If the file going in is PNG, then the resized image is going to
  * be PNG. The only supported image types are PNG, GIF, and JPEG.
  *
@@ -1021,11 +1021,13 @@
  * @param int $height Image height
  * @return image resource
  */
-function wp_imagecreatetruecolor($width, $height) {
-	$img = imagecreatetruecolor($width, $height);
-	if ( is_resource($img) && function_exists('imagealphablending') && function_exists('imagesavealpha') ) {
-		imagealphablending($img, false);
-		imagesavealpha($img, true);
+function wp_imagecreatetruecolor( $width, $height ) {
+	$img = imagecreatetruecolor( $width, $height );
+	if ( is_resource( $img ) && function_exists( 'imagealphablending' ) && function_exists( 'imagesavealpha' ) ) {
+		if ( function_exists( 'imagecolortransparent' ) && function_exists( 'imagecolorallocatealpha' ) )
+			imagecolortransparent( $img, imagecolorallocatealpha( $img, 0, 0, 0, 127 ) );
+		imagealphablending( $img, false );
+		imagesavealpha( $img, true );
 	}
 	return $img;
 }