In its first study about lesbian, gay, bisexual and transgender characters in movies -- The Studio Responsibility Index -- GLAAD has concluded that of 101 movies released by the major motion picture studios in 2012 that it assessed, only 14 included lesbian, gay or bisexual characters and none featured transgender characters. Of those, only four included LGBT characters regarded as playing a substantial role. GLAAD, which has produced a similar annual study of television shows, gave 20th Century Fox and Disney failing grades for the lack of such characters (Disney released only one (The Avengers); Fox, none), while the other four studios, Paramount, Sony, Universal and Warner Bros., received adequate grades. No good or excellent grades were handed out.