Static mesh appears to lose material reference after setting the material via blutility and changing levels

Static mesh appears to loose material reference after setting the material to a dynamic material instance via blutility and changing levels

1. Download the attached project
2. Open the project
3. Place a copy of "NewBlueprint" into the level
4. Take note of the static mesh's Material element 0 (should be NewMaterial)
5. Select the actor (not just a component)
6. Scroll down in the details panel to use the blutility
7. Select Refresh Material
8. Click the Run button
9. Change levels to New world
10. Save
11. Change back to NewMap
12. Take note of the static mesh's Material element 0 (should be MaterialInstanceDynamic_1)
13. Select the actor (not just a component)
14. Scroll down in the details panel to use the blutility
15. Click the drop down arrow to show the integer value
16. Set the integer value to 0
17. Select Refresh Material
18. Click the Run button
19. Change levels to New world
20. Save
21. Change back to NewMap
22. Notice that the static mesh's material element 0 has now been set to the Default material

Expected: The Material Instance Dynamic that was applied would remain.
Result: It appears that the reference to the material that was applied to the static mesh was lost after switching levels