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Can you edit the VS filter and check 'apply to top level' :
Thanks for the response.
Yes, selected check box "Apply to top level object" in Variant Spec filter.
It works for Standalone Variant Specification, but not for Managed Variant Specification (Created under Product Family).
Is it working for you for managed VS?
Need to test is the managed VS using manual selection ?
Based on assigned expression using Edit Option filter