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UltraComboEditor with fixed values in UltraGrid not working as expected

I have an UltraComboEditor set as the EditorComponent of a column in an UltraGrid.  The values of this list are set at design time using the designer.  The DataValue and DisplayText are set for all items.  When adding a row in the TemplateOnBottom I select a value from the dropdown and tab to the next cell.  At this point, the dropdown selection clears and doesn't hold the value I just selected.  I added a ValueChanged method to see what is happening but the event is never fired.

Other dropdowns that are databound from the database work properly, only the dropdown that has items added at design time is having problems.