The Effects 11 library requires the D3DCompile DLL to be present at runtime, and the EXE project must link to d3dcompiler.lib.
When using the Windows 8.1 SDK and targeting only Windows 8.1, you can rely on the D3DCompile_47.
DLL to be present on the system as part of the OS image. Note that support for the fx_5_0 profile
is deprecated with the #47 compiler.
When using the Windows 8.x SDK and targeting Windows Vista or later, you can include the
D3DCompile_46.DLL or D3DCompile_47.DLL side-by-side with your application copying the file from the
REDIST folder. Note that support for the fx_5_0 profile is deprecated with the #47 compiler.
The fx_5_0 profile support in the HLSL compiler is deprecated, and does not fully support DirectX 11.1 HLSL features such as minimum precision types. It is supported in the Windows 8.1 SDK version of the HLSL compiler (FXC.EXE) and D3DCompile API (#46), is supported but generates a deprecation warning with D3DCompile API (#47), and could be removed in a future update.