>There is, at least in Word 2007. Here a macro I just recorded:
>
> Selection.Find.ClearFormatting
> Selection.Find.Replacement.ClearFormatting
>
> Selection.Find.Replacement.Highlight = True ' THIS!!!!!!
>
> With Selection.Find
> .Text = "king"
> .Replacement.Text = "king"
> .Forward = True
> .Wrap = wdFindContinue
> .Format = True
> .MatchCase = False
> .MatchWholeWord = True
> .MatchWildcards = False
> .MatchSoundsLike = False
> .MatchAllWordForms = False
> End With
> Selection.Find.Execute Replace:=wdReplaceAll
>
Worked great in Word 2003.
If it's not broken, fix it until it is.
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