Hi Kevin,
The system files that are linked in when checking that option include Adis, Adisinit, Adiskey, Adisdyna, and Mffh but the run-time itself is never included in the linked executable in Visual COBOL. This used to be an option in Net Express where you could specify a static link but that has been removed from Visual COBOL.
If you specify the dynamic option when linking it will search the registry at run-time to find out the location of the installed cblrtsm.dll and use that version. If you do not specify dynamic then the cblrtsm.dll needs to be located in the current folder with the executable or within one of the folders specified in PATH.
There is also a run-time launcher file available that allows you to specify the location of the run-time file in a config file instead of searching the registry or PATH.
Thanks.