It shows the colors of whatever the PictureBox is over is behind the Form. Unless the colors from the Transparent Background images are in the way.
Windows.Forms.PaintEventArgs) Handles Me.Paint e.Graphics.DrawImage(Img1, 20, 30) e.Graphics.DrawImage(Img2, 100, 10) 'this gets drawn over top of the first ...
Visual Basic 2010 Express Tutorial 31 - Picture Transparency - PNG Images Within PictureBoxes - YouTube
I placed my Tree image in a Panel that is over top of another Panel and did the same with 2 PictureBoxes.