The INSPECT statement counts or replaces occurrences of single
  characters or groups of characters in a data item.

  Format 2 -

  INSPECT src-string REPLACING

    { CHARACTERS BY replace-char [{ BEFORE } INITIAL delim-val] ... }
    {                            [{ AFTER  }                  ]     }
    { { ALL     }                                                   } ...
    { { LEADING } { compare-val BY replace-val
    { { FIRST   }

                         [ { BEFORE } INITIAL delim-val ] ... } ... }
                         [ { AFTER  }                   ]     }     }