Keith,

Using Range("D4") in place of "X" worked fine for me. It could be that the value in D4 is not found within D5. Did you try it out by placing an "X" in cell D4?

When I tested it, your code was case-sensitive; so "x" is not the same as "X". You could use "UCase" to convert all of the Text to Upper-case and then use vbProperCase to return a string with only the first letter capitalized. Here is an example:

Dim result As String
result = Replace(UCase(Range("D5")), UCase(Range("D4")), UCase(Range("F2")))
Range("K1") = StrConv(result, vbProperCase)

Good luck sorting this out.

Ben