In some cases, when the path of the file is used as a Value of the PictureBox, the WMF is not displayed in PrintPreview or in the printed report. The workaround is to embed the image by selecting the file as a Value:
1. Go to the Value property of the PictureBox and click on the three dots (...)
2. In the File name field, type *.* and Enter.
3. Select the WMF file.