Creating a Blueprint out of existing Blueprints removes all assigned Static Meshes from components

Creating a Blueprint out of existing Blueprints removes all assigned Static Meshes from components.

Reproduced in 4.8.3 binary, 4.9 Releases (//depot/UE4-Releases/4.9/Promotable-CL-2650750), and Main (//depot/UE4/Promotable-CL-2649225)

1. Open a new blank project with Starter Content
2. Select the Table mesh in the Minimal_Default level
3. Blueprints (in the menu bar) > Convert Selected Components to Blueprint Class
4. Name the new BP, "BPA"
5. Select the two Chair meshes in the level
6. Blueprints > Convert Selected Components to Blueprint Class > "BPB"
7. Drag BPB into BPA to create a Child Actor component
8. Select both BPA and BPB in the World Outliner
9. Blueprints > Convert Selected Components to Blueprint Class > "BPC"

Results:
All instances of BPA, BPB, and BPC in the level no longer have Static Meshes assigned to their Static Mesh components and appear to have disappeared from the level