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    Parsing Text Strings

    I'm trying to parse text strings by certain spaces and characters within the string. For Example, if my text string is RAST 2006-A1 B1 mtge, how can I 1) create a new field with just the RAST 2006-A1, 2) Create a field with just the RAST 2006-A1 B1? I appreciate any help I can get. Thanks!
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