Engine Checking valve events with degree wheel.

First time installing and degreeing a cam. Anderson N-41. Established TDC, checked lobe center, came out to 110 degrees, all good. While everything is set up, I decide to run through all the valve events, using dial indicator and degree wheel. From TDC, first event should be EVO @ 45 BBDC, that was at 32 BBDC, next should be EVC @ 5 degrees BTDC, that was at 10 BTDC. Next should be IVO @ 1 degree BTDC, that was @ 6 ATDC. Next would be IVC @ 41 degree ABDC, that was at 31 ABDC. Ran through it all three times................same result.

Re-did TDC, checked lobe centerline......110. Ran through valve events. Now read EVO 21 BBDC, EVC 10 BTDC, IVO 22 ATDC, IVC 31 ABDC.

Seems like this should be straightforward, but I'm chasing my tail. Guidance, please.
 
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