That's because in VB, arrays are always 1 larger than what is declared in the Dim statement, and the last element is not being initialized.
Try this:
Dim items(2) As ListItem
items(0) = New ListItem("One", "1")
items(1) = New ListItem("Two", "2")
items(2) = New ListItem("Three", "3")
cboSearch.Items.AddRange(items)
cboSearch.DataBind()
Or this:
Dim items As ListItem() = _
{New ListItem("One", "1"), _
New ListItem("Two", "2"), _
New ListItem("Three", "3")}
cboSearch.Items.AddRange(items)
cboSearch.DataBind()
NC...