Could be various things. On your saved search it might be pulling the wrong field. Maybe in your search try a formula field using the custom field's field ID instead, just to ensure it's the right field. If that doesn't work, it could maybe be an issue with how your search is set up. I'd probably also check that the custom field is set up properly to be able to pull for searches. Store value checkbox is checked, and the default level for searches/reporting is correct. Just some stuff to look into while troubleshooting.