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Is it really true that Crystal Reports does not support images that have transparency?

We are using it at work and the guy that does Crystal Reports told me it doesn't support transparency. I couldn't believe it so I've spent the last 20 minutes googling and think he might be right. This seems absolutely incredible in this day and age.

Can anyone please confirm whether or not CR supports transparency, and if so how you do it (we are not limited by the type of image to insert - png, gif etc).

For the record we are using CR version that comes with VS 2008 (version 10.5).