I'm currently doing this search in Linux, however I have noticed this issue in Windows before.
I do have excludes of "<Default Excludes>;local-objs/;*.log"
When I remove the excludes and try to find the "connect connect ..." string with "list current context" checked, the # of files found goes up to 454 from 451.
However with those excludes present in the "Files" tab, it finds 454 files.