Compound Paths

This series of concentric ovals were all ungrouped, all given a black fill and no outlines, Compound Paths released. I wanted to create alternating black and clear shapes like a target. I selected all of the shapes and clicked Command+8 to Make Compound. Only the first inner ring turned clear as seen in the screen grab. 

I do not fully understand when this works this way, while others do what I expected. I know I can use the shape builder to knock out the desired rings.

What's going on?

Thanks,

MJackson