UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22352

Grosvenor Registered Multi-Strategy Fund

(TI 1), LLC

(Exact name of Registrant as specified in charter)

900 North Michigan Avenue, Suite 1100

Chicago, Illinois 60611

(Address of principal executive offices) (Zip code)

Scott J. Lederman Grosvenor Registered Multi-Strategy Funds 900 North Michigan Avenue Suite 1100 Chicago, Illinois 60611 George J. Zornada, Esq. K&L Gates LLP State Street Financial Center One Lincoln Street Boston, Massachusetts 02111-2950

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 506-6500

Date of fiscal year end: March 31

Date of reporting period: June 30, 2012

ITEM 1 – SCHEDULE OF INVESTMENTS

Grosvenor Registered Multi-Strategy Fund (TI 1), LLC

Schedule of Investments (unaudited)

June 30, 2012

The registrant invests substantially all of its assets in Grosvenor Registered Multi-Strategy Master Fund, LLC (the “Master Fund”). The registrant owned 79.33% of the Master Fund’s members’ capital at June 30, 2012. The registrant has included the Master Fund’s schedule, CIK: 001212030, of investments as of June 30, 2012, below. The Master Fund’s Schedule of Investments was also filed on Form N-Q with the Securities and Exchange Commission.

Portfolio Funds*	First   Acquisition   Date		Cost		Fair  Value**		% of   Members’   Capital		% Ownership of Portfolio Fund***		First Available Redemption Date ****	Liquidity*****
Distressed
Anchorage Capital Partners, L.P. (a)		8/1/2006	$	13,630,319	$	18,598,923		3.47%		0.63%	N/A	Annually
Blue Mountain Credit Alternatives Fund, L.P.		8/1/2007		11,071,359		16,319,331		3.04%		5.65%	N/A	Quarterly
Fortress Value Recovery Fund, L.P. (b)		1/1/2006		4,300,000		553,074		0.10%		0.36%	N/A	(1)
Greywolf Capital Partners II, L.P. (a)		9/1/2007		117,573		112,111		0.02%		0.03%	N/A	(2)
GSO Liquidity Partners, L.P.		3/1/2008		582,080		644,801		0.12%		1.12%	N/A	(3)
Harbinger Capital Partners Special Situations Fund, L.P. (a)		7/1/2007		6,461,435		2,024,973		0.38%		0.35%	N/A	(1)
Highland Crusader Fund, L.P.		8/1/2005		2,352,028		2,822,046		0.53%		1.32%	N/A	(4)
King Street Capital, L.P. (a)		1/1/2003		11,190,100		15,534,592		2.90%		0.24%	N/A	Quarterly
Marathon Distressed Subprime Fund, L.P.		1/1/2008		17,982		30,461		0.01%		0.70%	N/A	(3)
Redwood Domestic Fund, L.P. (a)		1/1/2003		7,852,231		14,478,110		2.70%		1.04%	N/A	Annually - Bi - annually
Silver Point Capital Fund, L.P. (a)		1/1/2003		7,936,849		12,600,366		2.35%		0.54%	N/A	Annually
Total Distressed				65,511,956		83,718,788		15.62%
Event Driven
Elliott Associates, L.P.		1/1/2003		13,900,000		23,306,087		4.35%		0.33%	N/A	Semi-annually
Magnetar Capital II Fund, L.P.		1/1/2010		9,838,493		10,570,662		1.97%		3.70%	N/A	Quarterly
Magnetar Capital, L.P. (a)		7/1/2007		1,245,010		1,351,247		0.25%		0.81%	N/A	(2)
Owl Creek II, L.P.		4/1/2010		8,980,663		7,241,133		1.35%		0.80%	N/A	Quarterly
Perry Partners, L.P. (a)		1/1/2003		18,429,091		23,011,319		4.30%		1.13%	N/A	Quarterly
Seneca Capital, L.P. (a)		1/1/2003		13,384,682		14,253,965		2.66%		3.60%	N/A	Quarterly(5)
York European Opportunities Fund, L.P.		8/1/2011		16,850,000		16,386,858		3.06%		3.67%	N/A	Quarterly
Total Event Driven				82,627,939		96,121,271		17.94%
Long and/or Short Equity
Adelphi Europe Partners, L.P.		9/1/2011		14,850,000		16,191,625		3.02%		17.30%	N/A	Quarterly
AKO Partners L.P.		1/1/2011		12,000,000		12,585,709		2.35%		1.40%	N/A	Quarterly
Black Bear Fund I, L.P.		1/1/2003		67,788		142,023		0.03%		1.11%	N/A	(6)

The accompanying notes are an integral part of the Schedule of Investments.

Grosvenor Registered Multi-Strategy Fund (TI 1), LLC

Schedule of Investments (unaudited) (continued)

June 30, 2012

Portfolio Funds* (continued)	First   Acquisition   Date		Cost		Fair Value**		% of Members’ Capital		% Ownership of Portfolio Fund***		First Available Redemption Date ****	Liquidity*****
Long and/or Short Equity (continued)
Broad Peak Fund, L.P. (a)		7/1/2007		89,851		40,173		0.01%		0.39%	N/A	(2)
Brookside Capital Partners Fund, L.P. (a)		10/1/2009		122,633		117,122		0.02%		0.00%	N/A	(2)
Conatus Capital Partners, L.P.		1/1/2008		12,209,252		13,815,535		2.58%		1.60%	N/A	Quarterly
Egerton European Dollar Fund Ltd.		10/1/2011		10,300,729		11,755,640		2.19%		0.84%	N/A	Monthly
Elm Ridge Capital Partners, L.P.		4/1/2003		14,240,474		15,234,751		2.84%		3.92%	N/A	Quarterly
Eminence Partners, L.P.		7/1/2010		$        4,798,466		$        5,818,911		1.09%		0.60%	N/A	Quarterly
Greenlight Capital Qualified, L.P.		1/1/2003		5,060,000		7,086,867		1.32%		0.35%	N/A	Annually
Impala Fund, L.P.		1/1/2007		6,765,392		8,230,010		1.54%		1.36%	N/A	Quarterly
Montrica Global Opportunities Fund, L.P. (a)		8/1/2007		243,881		177,364		0.03%		0.82%	N/A	(2)
Passport Global Strategies III, Ltd.		1/1/2010		479,302		156,988		0.03%		0.38%	N/A	(7)
Scout Capital Partners II L.P.		9/1/2004		19,837,705		25,246,289		4.71%		2.44%	N/A	Quarterly
Steenbok Fund, L.P.		1/1/2008		3,325,000		3,779,362		0.71%		7.10%	N/A	Quarterly
												Quarterly -
Tremblant Partners, L.P.		1/1/2003		8,861,908		10,385,252		1.94%		5.20%	N/A	Bi - annually
Trian Partners, L.P.		4/1/2006		13,188,588		15,941,992		2.97%		2.76%	N/A	Quarterly
Viking Global Equities, L.P.		12/1/2007		3,600,000		5,311,961		0.99%		0.10%	N/A	Monthly
Zaxis Offshore Ltd.		10/1/2011		12,486,971		10,175,277		1.90%		2.09%	N/A	Monthly
Total Long and/or Short Equity				142,527,940		162,192,851		30.27%
Multi-Arbitrage
Canyon Value Realization Fund, L.P. (a)		1/1/2003		19,426,231		25,621,790		4.78%		1.03%	N/A	Quarterly - Annually
Capula Tail Risk Trust		4/1/2011		5,600,000		5,890,117		1.10%		3.35%	N/A	Monthly
Element Capital Feeder Fund Ltd.		4/1/2012		8,000,000		7,683,301		1.43%		0.24%	N/A	Quarterly
Element Capital US Feeder Fund LLC		2/1/2011		5,500,000		5,776,336		1.08%		1.15%	N/A	Quarterly
Fir Tree Value Fund L.P.		9/1/2010		11,829,832		13,959,784		2.61%		0.99%	N/A	Quarterly - Annually
HBK II Fund, L.P. (a)		11/1/2009		16,235,353		19,435,036		3.63%		2.02%	N/A	Quarterly
Linden Investors, L.P.		4/1/2011		18,350,000		16,337,568		3.05%		5.65%	N/A	Quarterly
Magnetar Constellation Fund, Ltd.		4/1/2012		16,900,000		17,141,258		3.20%		0.70%	N/A	Quarterly
MKP Opportunity Partners, L.P.		4/1/2010		9,600,000		11,093,405		2.07%		2.74%	N/A	Monthly
OZ Domestic Partners, L.P. (a)		1/1/2003		13,541,151		19,015,801		3.55%		1.56%	N/A	Annually
Pine River Fund L.P.		10/1/2010		8,995,698		10,848,803		2.02%		4.70%	N/A	Quarterly
Stark Investments, L.P. (a)		1/1/2003		7,685,264		7,932,944		1.48%		0.83%	N/A	Quarterly
Stark Select Asset Fund LLC		1/1/2010		325,007		324,924		0.06%		0.28%	N/A	(7)

The accompanying notes are an integral part of the Schedule of Investments.

Grosvenor Registered Multi-Strategy Fund (TI 1), LLC

Schedule of Investments (unaudited) (continued)

June 30, 2012

Portfolio Funds* (continued)	First   Acquisition   Date		Cost		Fair Value**		% of Members’ Capital		% Ownership of Portfolio Fund***		First Available Redemption Date ****	Liquidity*****
Multi-Arbitrage (continued)
Viridian Fund, Ltd.		1/1/2012	$	16,550,000	$	15,576,819		2.91%		1.04%	N/A	Quarterly
Total Multi-Arbitrage				158,538,536		176,637,886		32.97%
Total Investments in Portfolio Funds			$	449,206,371	$	518,670,796		96.80%
Other Assets, Less Liabilities					$	17,153,687		3.20%
Members’ Capital					$	535,824,483		100.00%

The Master Fund’s (as defined in the Portfolio Valuation note) investments in the Portfolio Funds shown above, representing 96.80% of Members’ Capital have been fair valued in accordance with procedures established by the Board of Directors of the Master Fund.

The Master Fund’s investments on June 30, 2012 are summarized below based on the investment strategy of each specific Portfolio Fund.

	% of Total Investments in
Investment Strategy	Portfolio Funds
Multi-Arbitrage	34.06%
Long and/or Short Equity	31.27
Event Driven	18.53
Distressed	16.14
Total	100.00%

*   Non-income producing investments. The Master Fund’s investments in Portfolio Funds are considered to be illiquid and may be subject to limitations on redemptions, including the assessment of early redemption fees.

**   See definition in the Portfolio Valuation note.

***   Based on the most recently available information provided by each Portfolio Fund.

****   From original investment date (excludes side pockets).

*****   Available frequency of redemptions after initial lock-up period.

The accompanying notes are an integral part of the Schedule of Investments.

Grosvenor Registered Multi-Strategy Fund (TI 1), LLC

Schedule of Investments (unaudited) (continued)

June 30, 2012

N/A Initial lock-up period that has expired prior to June 30, 2012, has a lock-up that expires prior to the next liquidity date, or the Portfolio Fund did not have an initial lock-up period. However, specific redemption restrictions may apply.

(a) A portion or all of the Master Fund’s interest in the Portfolio Fund is held in side pockets which have restricted liquidity.

(b) Formerly known as D.B. Zwirn Special Opportunities Fund, L.P.

(1) The Portfolio Fund is liquidating its assets and is in the process of returning capital to its limited partners in a reasonable manner. The full liquidation is expected to take two to four years or longer.

(2) All of the Master Fund’s remaining interest in the Portfolio Fund is held in side pockets.

(3) Finite lived Portfolio Funds in which redemptions are not permitted during the investment period of the Portfolio Fund. Cash proceeds are distributed to limited partners as the Portfolio Fund’s investments are realized after the investment period.

(4) The Portfolio Fund is liquidating its assets and is in the process of returning capital to its limited partners in a reasonable manner.

(5) Approximately 11% of the fair value of the Master Fund’s interest in the Portfolio Fund is held in a special liquidating vehicle (“SLV”) which is not available for redemption. The full liquidation is expected to take two to three years or longer.

(6) The balance represents the invested capital in a liquidating vehicle created with the intention of liquidating assets in a reasonable manner.

(7) The balance represents the invested capital in a liquidating vehicle created with the intention of liquidating assets in a reasonable manner. The full liquidation is expected to take from two to four years or longer.

The accompanying notes are an integral part of the Schedule of Investments.

Grosvenor Registered Multi-Strategy Fund (TI 1), LLC

Notes to Schedule of Investments (unaudited)

June 30, 2012

Portfolio Valuation

The net asset value (“NAV”) of the Grosvenor Registered Multi-Strategy Master Fund, LLC (the “Master Fund”) is determined by, or at the direction of, Grosvenor Capital Management, L.P. (the “Adviser” or “Grosvenor”), in accordance with the valuation principles set forth below, or as may be determined from time to time, pursuant to policies established by the Board of Directors (the “Board”). Pursuant to the valuation procedures, the Board has delegated to the Adviser the general responsibility for valuation of the Master Fund’s underlying investments (the “Portfolio Funds”) subject to the oversight by the Board.

The Master Fund Board has approved procedures pursuant to which the Master Fund will value its investments in Portfolio Funds at fair value, generally at an amount equal to the NAV of the Master Fund’s investment in the Portfolio Funds as determined by Portfolio Fund’s general partner or investment manager. If no such information is available, or if such information is deemed to not be reflective of fair value by the Adviser, an estimated fair value is determined in good faith by the Adviser pursuant to the Master Fund’s valuation procedures. Generally, the NAVs of the investments in the Portfolio Funds are determined whereby the Master Fund records the investment and subsequent subscriptions at its acquisition cost, which represents its fair value at the time of subscription. The investment is adjusted to reflect the Master Fund’s share of net investment income or loss and unrealized and realized gain or loss that reflects the changes in the fair value of the investment for the period.

The Portfolio Funds record their investments at fair value in accordance with GAAP or International Financial Reporting Standards. The Portfolio Funds generally hold positions in readily marketable securities and derivatives that are valued at quoted market values and/or less liquid non-marketable securities and derivatives that are valued at estimated fair value. Accordingly, valuations do not necessarily represent the amounts that might be realized from the sale or other dispositions of investments, nor do they reflect other expenses or fees that might be incurred upon disposition. The mix and concentration of more readily marketable securities and less liquid non-marketable securities varies across the Portfolio Funds based on various factors, including the nature of their investment strategy and market forces.

Because of the inherent uncertainty of valuations of the investments in the Portfolio Funds, their estimated values may differ significantly from the values that would have been used had a ready market for the Portfolio Funds existed, and the differences could be material. Net change in accumulated unrealized appreciation on investments in the Statement of Operations is net of fees and performance-based compensation payable to the investment managers of the Portfolio Funds.

Some of the Portfolio Funds may invest all or a portion of their assets in illiquid securities and may hold a portion or all of these investments independently from the main portfolio. These separate baskets of illiquid securities (“side pockets”) may be subject to additional restrictions of liquidity that are stricter than the liquidity restrictions applicable to general interests in the Portfolio Fund. If the Master Fund withdraws its interest from such a Portfolio Fund, it may be required to maintain its holding in the side pocket investments for an extended period of time and retain this remaining interest in the Portfolio Fund. In instances, where such a Portfolio Fund closes its operations, the Master Fund may receive an “in-kind” distribution of a side pocket’s holdings in liquidation of its

Grosvenor Registered Multi-Strategy Fund (TI 1), LLC

Notes to Schedule of Investments (unaudited) (continued)

June 30, 2012

entire interest in the Portfolio Fund. The value of side pockets may fluctuate significantly. As of June 30, 2012, the Master Fund’s investments in side pockets and special liquidating vehicles represented 3.17% of the Master Fund’s net assets. Additionally, the governing documents of the Portfolio Funds generally provide that the Portfolio Funds may suspend, limit or delay the right of their investors, such as the Master Fund, to withdraw capital. The primary restrictions applicable to individual Portfolio Funds as of June 30, 2012 are described in detail on the Master Fund’s Schedule of Investments.

The Master Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

• Level 1  — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Master Fund has the ability to access at the measurement date;

• Level 2  — Quoted prices which are not considered to be active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

• Level 3  — Prices, inputs or modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The preparation of the Schedule of Investments in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Schedule of Investments and accompanying notes. Management believes that the estimates utilized in preparing the Master Fund’s Schedule of Investments are reasonable and prudent; however, the actual results could differ from these estimates. The Master Fund applies the authoritative guidance under GAAP for estimating the fair value of investments in the Portfolio Funds that have calculated their NAVs in accordance with the specialized accounting guidance for investment companies. Accordingly, the Master Fund estimates the fair value of an investment in a Portfolio Fund using the NAV of the investment (or its equivalent) without further adjustment unless the Adviser determines that the NAV is deemed to be not reflective of the fair value.

Investments may be classified as Level 2 when market information (e.g. observable NAVs) is available, yet the investment is not traded in an active market and/or the investment is subject to transfer restrictions, or the valuation is adjusted to reflect illiquidity and/or non-transferability. Market information, including observable NAVs, subscription and redemption activity at the underlying Portfolio Fund, and the length of time until the investment will become redeemable, is considered when determining the proper categorization of the investment’s fair value measurement within the fair valuation hierarchy. Portfolio Fund investment lots that have observable market inputs (e.g. published NAVs) and that the Master Fund has the ability to redeem from within twelve months of the balance sheet date are classified in the fair value hierarchy as Level 2.

Grosvenor Registered Multi-Strategy Fund (TI 1), LLC

Notes to Schedule of Investments (unaudited) (continued)

June 30, 2012

The Master Fund’s investments in the Portfolio Funds that have unobservable inputs and/or from which the Master Fund does not have the ability to redeem within twelve months are classified in the fair value hierarchy as Level 3. When observable prices are not available for these securities, the Master Fund uses the market approach, as defined in the authoritative guidance on fair value measurements, to evaluate the fair value of such Level 3 instruments. Although the Master Fund does not have the ability to redeem from the Portfolio Funds classified in Level 3 of the fair value hierarchy within twelve months of the measurement date, these Portfolio Funds may transact with other investors at the NAV of the investment (or its equivalent). In certain circumstances, the Adviser may make adjustments to the reported NAV of a Portfolio Fund when it believes that the reported NAV is not representative of fair value. Specifically, for certain Portfolio Funds in liquidation, the reported NAV is adjusted based on the Adviser’s estimate of the net realizable value of the Portfolio Fund in liquidation. As of June 30, 2012, approximately $2.8 million, or 13.95%, of investments in Portfolio Funds classified in Level 3 of the fair value hierarchy were fair valued using such approach.

The following table sets forth information about the level within the fair value hierarchy at which the Portfolio Fund investments are measured at June 30, 2012:

Description	Level 1      Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Fair Value at June 30, 2012
Portfolio Funds
Distressed	$	—	$	72,358,986	$	11,359,802	$	83,718,788
Event Driven		—		93,142,088		2,979,183		96,121,271
Long and/or Short Equity		—		160,665,680		1,527,171		162,192,851
Multi-Arbitrage		—		172,289,050		4,348,836		176,637,886
Total Portfolio Funds	$	—	$	498,455,804	$	20,214,992	$	518,670,796

The level classifications in the table above may not be indicative of the risk associated with the investment in each Portfolio Fund.

The Master Fund recognizes transfers into and out of the levels indicated above on the actual date of the event or change in circumstances that caused the transfer. All transfers into and out of Level 2 and Level 3 can be found in the Level 3 reconciliation table shown below. There were no transfers between Level 1 and Level 2 for the period ended June 30, 2012.

Grosvenor Registered Multi-Strategy Fund (TI 1), LLC

Notes to Schedule of Investments (unaudited) (continued)

June 30, 2012

The following table includes a roll-forward of the amounts for the period ended June 30, 2012 for the investments classified within Level 3. The classification of an investment within Level 3 is based on the significance of the unobservable inputs to the overall fair value measurement.

	Distressed			Event Driven		Long and/or Short Equity		Multi-    Arbitrage			Total
Balance as of March 31, 2012	$	11,981,347		$	2,927,117	$	1,801,138	$	4,507,879		$	21,217,481
Transfer from Level 2*		132,403			–		–		–			132,403
Net realized gain / (loss)		(444,986	)		–		(8,862)		(182,676	)		(636,524)
Net change in unrealized appreciation / depreciation		183,165			52,066		(76,750)		42,542			201,023
Purchases		–			–		–		121,534			121,534
Sales		(488,499	)		–		(188,355)		(36,132	)		(712,986)
Transfer into Level 2**		(3,628	)		–		–		(104,311	)		(107,939)
Balance as of June 30, 2012	$	11,359,802		$	2,979,183	$	1,527,171	$	4,348,836		$	20,214,992

*

Transfers include investments in Portfolio Funds that were previously categorized as Level 2 investments, with a fair value of $132,403, which have been re-classified as Level 3 for the period ended June 30, 2012. Such transfers were primarily the result of changes in redemption terms and the Master Fund’s inability to redeem from these investments within twelve months of the balance sheet date.

**

Transfers include investments in Portfolio Funds that were previously categorized as Level 3 investments, with a fair value of $107,939, which have been re-classified as Level 2 for the period ended June 30, 2012. Such transfers were primarily the result of the changes in redemption terms and the Master Fund’s ability to redeem from these investments within twelve months of the balance sheet date.

Net unrealized appreciation for the current fiscal period ended June 30, 2012 for Level 3 investments held by the Master Fund as of June 30, 2012 decreased by $413,774 as shown in the table below:

Investments in Portfolio Funds	Net change in   unrealized appreciation
Distressed	$	(261,821)
Event Driven		52,066
Long and/or Short Equity		(85,613)
Multi-Arbitrage		(118,406)
Total	$	(413,774)

The Master Fund follows authoritative guidance that permits a reporting entity to measure fair value of an investment that does not have a readily determinable fair value, based on the NAV for the investment. In using the NAV, certain attributes of the investment that may impact the fair value of the investment are not considered in measuring fair value. Attributes of those investments include the investment strategies of the investees and may also include, but are not limited to, restrictions on the investor’s ability to redeem its investments at the measurement date and any unfunded

Grosvenor Registered Multi-Strategy Fund (TI 1), LLC

Notes to Schedule of Investments (unaudited) (continued)

June 30, 2012

commitments. The Master Fund is permitted to invest in alternative investments that do not have a readily determinable fair value, and as such, has determined that the NAV, as calculated by the reporting entity, generally represents the fair value of the investments. A listing of the investments held by the Master Fund and their attributes as of June 30, 2012, that may qualify for these valuations are shown in the table below.

Investment Category	Fair Value	Redemption Frequency	Notice Period		Redemption Restrictions and Terms*
Distressed (a)	$83,718,788	Quarterly - Bi-Annually		60 – 95 Days	0-4 years. Side pocket & liquidating vehicle arrangements exist for 14%** of the Portfolio Funds.
Event Driven (b)	$96,121,271	Quarterly - Semi-Annually		30 – 90 Days	0-1 years. Side pocket & liquidating vehicle arrangements exist for 3%** of the Portfolio Funds.
Long and/or Short Equity (c )	$162,192,851	Monthly - Bi- Annually		30 – 90 Days	0-2 years. Side pocket & liquidating vehicle arrangements exist for 1%** of the Portfolio Funds.
Multi-Arbitrage (d)	$176,637,886	Monthly - Annually		45 – 90 Days	0-1 years. Side pocket & liquidating vehicle arrangements exist for 2%** of the Portfolio Funds.

* The information summarized in the table above represents the general terms of the specific asset class. Individual Portfolio Funds may have terms that are more or less restrictive than those terms indicated for the asset class as a whole. In addition, most Portfolio Funds have the flexibility, as provided for in constituent documents, to modify and waive such terms.

** Reflects fair value of investments in each respective investment category.

The Master Fund’s investments reflect their estimated fair value, which for marketable securities would generally be the last sales price on the primary exchange for such security, and for the Portfolio Funds, would generally be the NAV as provided by the Portfolio Fund or its administrator. For each of the classes below, the fair value of the Portfolio Funds has been estimated based upon the NAV of the Portfolio Funds, subject to adjustments by the Adviser if deemed necessary.

(a)  Distressed Securities  This class includes the Portfolio Funds that invest in debt and equity securities of companies in financial difficulty, reorganization or bankruptcy, nonperforming and subperforming bank loans, and emerging market debt. As of June 30, 2012, the Master Fund had no unfunded capital commitments to the Portfolio Funds within this strategy.

(b) Event Driven This class includes the Portfolio Funds that take significant positions in companies with special situations, including distressed stocks, mergers and takeovers. As of June 30, 2012, the Master Fund had no unfunded capital commitments to the Portfolio Funds within this strategy.

Grosvenor Registered Multi-Strategy Fund (TI 1), LLC

Notes to Schedule of Investments (unaudited) (continued)

June 30, 2012

(c) Long and/or Short Equities This class includes the Portfolio Funds that make long and short investments in equity securities that are deemed by the Investment Managers to be under or overvalued. The Investment Managers typically do not attempt to neutralize the amount of long and short positions. As of June 30, 2012, the Master Fund had no unfunded capital commitments to the Portfolio Funds within this strategy.

(d) Multi-Arbitrage This class includes the Portfolio Funds that seek to exploit price differences of identical or similar financial instruments, on different markets or in different forms by simultaneously purchasing and selling an asset in order to profit from the difference. As of June 30, 2012, the Master Fund had no unfunded capital commitments to the Portfolio Funds within this strategy.

Income Taxes

The U.S. federal income tax basis of the Master Fund’s investments in the Portfolio Funds for U.S. federal income tax purposes is based on amounts reported to the Master Fund by the Portfolio Funds on a Schedule K-1. As of June 30, 2012, the Master Fund had not yet received information to determine the current tax basis of the Portfolio Funds as of June 30, 2012. Based on the amounts reported to the Master Fund on Schedule K-1 as of December 31, 2011, and after adjustment for purchases and sales between December 31, 2011 and June 30, 2012, the estimated tax basis of the Portfolio Funds at June 30, 2012 for U.S. federal income tax purposes is $350,393,611, and net unrealized appreciation for U.S. federal income tax purposes is $61,063,166 (gross unrealized appreciation $176,853,895; gross unrealized depreciation $115,790,729).

ITEM 2 – CONTROLS AND PROCEDURES

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3 – EXHIBITS

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GROSVENOR REGISTERED MULTI-STRATEGY FUND (TI 1), LLC
By:	/s/ Scott J. Lederman
	Scott J. Lederman
	Chief Executive Officer and President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Scott J. Lederman	Chief Executive Officer and President	August 27, 2012
	Scott J. Lederman
By:	/s/ Zachary D. Weber	Chief Financial Officer and Treasurer	August 27, 2012
	Zachary D. Weber