BSP Converted to Static Mesh with Multiple Materials Will Only Show Element 0 After Migrating and Changing LOD Settings

1. Open the Editor
2. Place a Cube BSP into the level
3. Create 6 basic color materials to place on each side of the cube
4. Convert the BSP to a static mesh
5. Migrate the Static Mesh to another project
6. Open the second project
7. Make a change to its LOD settings 
8. Apply Changes

Results:

The material in element 0 will be applied to the whole static mesh rather than just one side

Expected: 

The static mesh would be exactly the same as it was in the original project