diff --git a/bitbake/lib/bb/cache.py b/bitbake/lib/bb/cache.py
index c09f9296bd..658f30ff59 100644
--- a/bitbake/lib/bb/cache.py
+++ b/bitbake/lib/bb/cache.py
@@ -401,14 +401,18 @@ class Cache(object):
         infos = []
         datastores = cls.load_bbfile(filename, appends, configdata)
         depends = []
+        variants = []
+        # Process the "real" fn last so we can store variants list
         for variant, data in sorted(datastores.items(),
                                     key=lambda i: i[0],
                                     reverse=True):
             virtualfn = cls.realfn2virtual(filename, variant)
+            variants.append(variant)
             depends = depends + (data.getVar("__depends", False) or [])
             if depends and not variant:
                 data.setVar("__depends", depends)
-
+            if virtualfn == filename:
+                data.setVar("__VARIANTS", " ".join(variants))
             info_array = []
             for cache_class in caches_array:
                 info = cache_class(filename, data)
diff --git a/bitbake/lib/bb/parse/ast.py b/bitbake/lib/bb/parse/ast.py
index 8b9baa764c..0fc3a9e7a4 100644
--- a/bitbake/lib/bb/parse/ast.py
+++ b/bitbake/lib/bb/parse/ast.py
@@ -469,9 +469,5 @@ def multi_finalize(fn, d):
             except bb.parse.SkipRecipe as e:
                 datastores[variant].setVar("__SKIPPED", e.args[0])
 
-    if len(datastores) > 1:
-        variants = filter(None, datastores.keys())
-        safe_d.setVar("__VARIANTS", " ".join(variants))
-
     datastores[""] = d
     return datastores