I have had the following issue when using 3 or more nested calendars and a calendarlist:

If you have the following setup:
Calendar1: Master calendar with subcalendar Calendar2
   Calendar2: Master calendar with subcalendar Calendar3
     Calendar3: (not a master calendar)
and CalendarList1 with the source calendar of Calendar1

...then the events entered into Calendar3 show up as expected in Calendar1 but do not show up in CalendarList1.

Thanks for the help and all the hard work!

My install is working fine. I found that I had to ensure that in the 'Master Calendar Settings' for each calendar the 'Master Calendar' check box was ticked for each of the calendars regardless if they are a sub-calendar, then on Calendar 1,  I added each of my desired sub-calendars to the 'Add to Calendar Master Listing'.  All of my sub-calendar items roll-up to the Calendar 1 level fine then.

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Alan, thank you!  One-time events on Calendar3 (referencing my example above) do show up in the CalendarList now.  I noticed, however, that recurring events in Calendar3 still do not seem to show up in the CalendarList.  This is as tested in DNN 3.2.2 and the Events module version 3.2.0 submitted on March 26.  Thank you again for your hard work and for being so responsive