SYMPTOM:
Shortcut of {&Project} for sub-folder name is not working for file subscription in Strategy Distribution Services 9.3.1.
STEPS TO REPRODUCE:


Note: The shortcut of {&Date}, {&Time}, and {&RecipientName} are working fine for sub-folder name.
CAUSE:
This is a known issue in Strategy Distribution Service 9.3.1.
ACTION:
This issue has been addressed in Strategy 9.3.1 Hotfix 3. Upgrade to the latest version to take advantage of the fix.