I assume that since you’re asking about deliverables and SharePoint sites, you must be using Project Server?
If so, then each project in the system has its own separate Project Site for tracking documents, issues, risks, and DELIVERABLES for that particular project. This includes master projects as well, so if you have a master / program schedule with four sub-project schedules, then you will ultimately have FIVE separate Project Sites… one for the master and one for each of the sub-projects (assuming that your system is configured to auto-provision Project Sites).
That being said, the deliverables that are published from each project will be stored in each project’s respective Project Site, and they WILL NOT be automatically aggregated into the Project Site that is attached to the master project. If you want all of the sub-project deliverables to appear together in the master’s Project Site, then you will need to custom develop a solution that does this. There ARE options for doing this, but they are too detailed and technical to describe here. If you would like help with this, then please feel free to contact me directly.