Is there a way to put a transparent label on top of a picturebox and still see it?

Hi there. I was wondering about a picturebox with a large image on my form. I also have a label caption I want to put on top of the image. I would like to set the label backcolor to transparent, so while I can see the label text, I can see the image behind it. The only issue is, when I turn the label back to transparent, it "goes through" the image it sits on too, so I only see the form itself. Is there a way vb net can let me do that?

Thanks!

I know labels can have picture backgrounds in vb net, but for my purpose, I need to be able to just have the label back be transparent without having it "xray" through the image it is on top of :)