# EDGAR Filing Document

**Accession Number:** 0001475456
**File Stem:** 0001145549-23-014349
**Filing Date:** 2023-3
**Character Count:** 29271
**Document Hash:** 7083559ce7598a9d6247d25253537cbc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014349.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014349

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GROSVENOR REGISTERED MULTI-STRATEGY FUND (TI 2), LLC
- **CENTRAL INDEX KEY:** 0001475456
- **IRS NUMBER:** 800506017
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22353
- **FILM NUMBER:** 23692754

**BUSINESS ADDRESS:**
- **STREET 1:** 900 NORTH MICHIGAN AVENUE
- **STREET 2:** SUITE 1100
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
- **BUSINESS PHONE:** 312-506-6500

**MAIL ADDRESS:**
- **STREET 1:** 900 NORTH MICHIGAN AVENUE
- **STREET 2:** SUITE 1100
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611

## Nport-Ex

Grosvenor Registered Multi-Strategy Fund (TI 2), LLC

Consolidated Schedule of Investments (unaudited)

December 31, 2022

The registrant invests substantially all of its assets in Grosvenor Registered Multi-Strategy Master Fund, LLC (the "Master Fund"). The registrant owned 33.94% of the Master Fund's members' capital at December 31, 2022. The registrant has included the Master Fund's consolidated schedule, CIK: 001212030, of investments as of December 31, 2022, below. The Master Fund's Consolidated Schedule of Investments was also filed on Form NPORT with the Securities and Exchange Commission.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Funds\*** | **First**<br> **Acquisition** <br> **Date** | **Cost** | **Fair**<br> **Value** | **% of**<br> **Members'**<br> **Capital** | **Liquidity\*\*** |
|  **Distressed** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Harbinger Capital Partners Sp. Situations Fund, L.P. <sup>(a)(b)</sup>  | 7/1/2007 | $5126878 | $103220 | 0.05% | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Highland Crusader Fund, L.P. <sup>(a)(b)(c)</sup>  | 8/1/2005 | 55897 | 138209 | 0.07% | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; King Street Capital, L.P. <sup>(a)(b)</sup>  | 1/1/2003 | 53577 | 147093 | 0.08% | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redwood Domestic Fund, L.P. <sup>(a)(b)</sup>  | 1/1/2003 | 5 | 8445 | 0.00% | (2) |
|  **Total Distressed** |  | 5236357 | 396967 | 0.20% |  |
|  **Event Driven** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspex Global Fund <sup>(a)</sup>  | 10/1/2021 | 7766000 | 7464401 | 3.85% | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp; Canyon Balanced Fund Ltd. | 1/1/2013 | 4311515 | 4937868 | 2.55% | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp; Canyon Value Realization Fund Ltd. | 12/1/2013 | 1011704 | 1431099 | 0.74% | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp; Elliott International Ltd. | 1/1/2013 | 8815028 | 18800135 | 9.70% | Semi-Annual |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnetar Capital, L.P. <sup>(a)(b)</sup>  | 7/1/2007 | 30315 | 45893 | 0.02% | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentwater Event Fund, Ltd. | 7/1/2019 | 5311155 | 6749543 | 3.48% | Monthly |
| &nbsp;&nbsp;&nbsp;&nbsp; Redmile Capital Fund, L.P. <sup>(a)(d)</sup>  | 5/1/2019 | 9138332 | 7240749 | 3.74% | Quarterly |
|  **Total Event Driven** |  | 36384049 | 46669688 | 24.08% |  |
|  **Long and/or Short Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Enhanced Fund, Ltd. | 9/1/2016 | 5047064 | 8909945 | 4.60% | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Strategic Equity Hedge Fund Limited | 9/1/2017 | 10776008 | 18580286 | 9.59% | Monthly |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookside Capital Partners Fund, L.P. <sup>(a)(b)</sup>  | 10/1/2009 | 2704 | 1157 | 0.00% | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coatue Offshore Fund, Ltd. | 1/1/2021 | 6850000 | 5769920 | 2.98% | Monthly |
| &nbsp;&nbsp;&nbsp;&nbsp; D1 Capital Partners Offshore L.P. | 5/1/2020 | 8000000 | 10589927 | 5.46% | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp; MW Eureka Fund | 4/1/2018 | 12050000 | 16911721 | 8.72% | Monthly |
| &nbsp;&nbsp;&nbsp;&nbsp; SEG Partners Offshore, Ltd. | 3/1/2013 | 3269787 | 8905668 | 4.59% | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp; Tiger Global, Ltd. | 1/1/2020 | 11100000 | 6196572 | 3.20% | Annually |
| &nbsp;&nbsp;&nbsp;&nbsp; Whale Rock Flagship Fund, Ltd. | 4/1/2021 | 5850000 | 3140140 | 1.62% | Quarterly |
|  **Total Long and/or Short Equity** |  | 62945563 | 79005336 | 40.76% |  |
|  **Macro/Commodities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphadyne Global Rates Fund II, Ltd. | 2/1/2020 | 9573073 | 10305691 | 5.32% | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Capital Feeder Fund Ltd. | 4/1/2012 | 6258595 | 15766624 | 8.13% | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp; STM LCB LLC | 4/1/2020 | 375149 | 186542 | 0.10% | (1) |
|  **Total Macro/Commodities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16206817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26258857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.55% |  |

---

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

------

Grosvenor Registered Multi-Strategy Fund (TI 2), LLC

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Funds\* (continued)** | **First**<br> **Acquisition** <br> **Date** | **Cost** | **Fair**<br> **Value** | **% of**<br> **Members'**<br> **Capital** | **Liquidity\*\*** |
|  **Relative Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ExodusPoint Partners International Fund, Ltd. | 7/1/2018 | $5275263 | $7054399 | 3.64% | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp; Point72 Capital International, Ltd. | 3/1/2020 | 6973579 | 9478035 | 4.89% | Quarterly |
| &nbsp;&nbsp;&nbsp;&nbsp; Stark Investments, L.P. <sup>(a)(b)</sup>  | 1/1/2003 | 335643 | 310272 | 0.16% | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stark Select Asset Fund LLC <sup>(a)(b)</sup>  | 1/1/2010 | 22122 | 17605 | 0.01% | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Voleon Institutional Strategies International, Ltd. | 4/1/2019 | 3931108 | 4819007 | 2.49% | Monthly |
| &nbsp;&nbsp;&nbsp;&nbsp; Voleon International Investors, Ltd. | 4/1/2019 | 2742413 | 3166029 | 1.63% | Monthly |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodline Offshore Fund Ltd. | 7/1/2022 | 4200000 | 4368889 | 2.25% | Quarterly |
|  **Total Relative Value** |  | 23480128 | 29214236 | 15.07% |  |
|  **Total Investments in Investment Funds** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144252914 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181545084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.66% |  |
| **Short-Term Investments** | **Shares** | **Cost** | **Fair**<br> **Value** | **% Members'**<br> **Capital** |  |
|  **Money Market Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds T-Fund Institutional Shares (yield 4.03%) <sup>(e)</sup> | 4250407 | $4250407 | $4250407 | 2.19% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio Shares (yield 3.80%) <sup>(e)</sup>  | 1378893 | 1378893 | 1378893 | 0.71% |  |
|  **Total Short-Term Money Market** |  | 5629300 | 5629300 | 2.90% |  |
|  **Total Investments** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149882214 | $187174384 | 96.56% |  |
|  Other Assets, Less Liabilities |  |  | 6669953 | 3.44% |  |
|  **Members' Capital** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193844337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% |  |

---

\* Non-income producing investments. The Master Fund's investments in Investment Funds are considered to be illiquid and may be subject to limitations on redemptions, including the assessment of early redemption fees. Investment Funds are restricted securities per Rule 12-12.8 of Regulation S-X. 

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

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

(b) The Investment Fund is held by the GRF Domestic Sub-Fund LLC (the "Sub-Fund"), a wholly-owned subsidiary of the Master Fund. Investment Funds held by the Sub-Fund represents 0.43% of the total Investments in Investment Funds.

(c) The Investment Fund is considered a Level 3 investment.

(d) The Investment Fund is held by the Grosvenor Registered Multi-Strategy Subsidiary, LLC Series A (the "Subsidiary"), a wholly-owned subsidiary of the Master Fund. Investment Funds held by the Subsidiary represents 3.99% of the total Investments in Investment Funds.

(e) The rate shown is the annualized 7-day yield as of December 31,
2022. (1) The Investment Fund is liquidating its assets and is in the process of returning capital to its limited partners
in a reasonable manner.

(2) All of the Master Fund's remaining interest in the Investment Fund is held in side pockets which are
subject to distribution notices.

(3) The Investment Fund is liquidating its assets and is in the process of returning capital to its limited partners
in a reasonable manner and has also presented annual financial statements under the liquidation basis of accounting.

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

------

Grosvenor Registered Multi-Strategy Fund (TI 2), LLC

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2022

The following table represents the geographic regions of the Master Fund's investments based on the investment mandate of each Investment Fund:

---

| | |
|:---|:---|
| **Geographic Location** | **Percent of Investments in** <br> **Investment Funds** |
|  Asia | 4.11% |
|  Europe | 10.23% |
|  Global | 77.25% |
|  United States/Canada | 8.41% |
|  **Total** | 100.00% |

---

The following table describes the investments held within each investment category:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>***(a) Distressed Securities***</u> This investment category includes the Investment 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.

---

| | |
|:---|:---|
| **Notice Period** | **Redemption Restrictions and Terms\*** |
| Not Applicable | Side pocket & liquidating vehicle arrangements exist for 100%\*\* of the Investment Funds. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>***(b) Event Driven***</u> This investment category includes the Investment Funds that take significant positions in companies with special situations, including distressed stocks, mergers and takeovers.

---

| | |
|:---|:---|
| **Notice Period** | **Redemption Restrictions and Terms\*** |
| 45 - 90 Days | 0-2 years. |
|  | Side pocket & liquidating vehicle arrangements exist for 1.33%\*\* of the Investment Funds. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>***(c) Long and/or Short Equities***</u> This investment category includes the Investment 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.

---

| | |
|:---|:---|
| **Notice Period** | **Redemption Restrictions and Terms\*** |
| 30 - 90 Days | 0-4 years. |

---

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

------

Grosvenor Registered Multi-Strategy Fund (TI 2), LLC

Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>***(d) Macro/Commodities***</u> This investment category includes the Investment Funds that invest in a variety of instruments including global currencies, interest rates, sovereign debt and commodities based on an analysis of many broad factors including: global monetary and trade policy, geopolitical events, supply and demand, global investor sentiment and various technical factors.

---

| | |
|:---|:---|
| **Notice Period** | **Redemption Restrictions and Terms\*** |
| 90 Days | 0-1 year. |
|  | Side pocket & liquidating vehicle arrangements exist for 0.71%\*\* of the Investment Funds |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>***(e) Relative Value***</u> This investment category includes the Investment 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.

---

| | |
|:---|:---|
| **Notice Period** | **Redemption Restrictions and Terms\*** |
| 30 - 90 Days | 0-1 year. |
|  | Side pocket<br> & liquidating vehicle arrangements exist for 1.12%\*\* of the Investment Funds. |

---

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

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

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

------

Grosvenor Registered Multi-Strategy Fund (TI 2), LLC

Notes to Consolidated Schedule of Investments (unaudited)

December 31, 2022

**Portfolio Valuation** 

The Board has delegated to the Adviser (the "Valuation Agent") general responsibility for determining the value of assets held by the Master Fund in accordance with the Master Fund's valuation policy and has designated the Adviser to fair value the Master Fund's assets in accordance with Rule 2a-5 under the 1940 Act.

Section 2(a)(41) of the 1940 Act, requires the Master Fund to value investments using: (i) the market value of the portfolio securities when market quotations are readily available and (ii) the investment's fair value, as determined in good faith by the Board, when a market quotation for a portfolio security is not readily available or otherwise determined to be unreliable. Rule 2a-5 under the 1940 Act defines a market price is readily available only when reflected by a quoted price (unadjusted) in active markets for identical investments that the Master Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

The Board has approved procedures pursuant to which the Master Fund will value its investments in Investment Funds at fair value, generally at an amount equal to the Net Asset Value ("NAV") of the Master Fund's investment in the Investment Funds as determined by the Investment Fund's general partner or Investment Manager. This is commonly referred to as using NAV as the practical expedient which allows for estimation of the fair value of an investment in an investment entity based on NAV or its equivalent if the NAV of the investment entity is calculated in a manner consistent with ASC 946. Because of the inherent uncertainty of valuations of the investments in the Investment Funds, their estimated values may differ significantly from the values that would have been used had a ready market for the Investment Funds existed, and the differences could be material.

In accordance with its valuation policies, 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 Adviser's valuation procedures. All adjustments to fair value made by the Adviser are reviewed and approved by Grosvenor's Valuation Committee.

The Investment 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. However, some of the Investment 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 Investment Fund. If the Master Fund withdraws its interest from such an Investment 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 Investment Fund. In instances, where such an Investment Fund closes its operations, the Master Fund may receive an "in-kind" distribution of a side pocket's holdings in liquidation of its entire interest in the Investment Fund. The value of side pockets may fluctuate significantly. As of December 31, 2022, the Master Fund's investments in side pockets or special liquidating vehicles represented 0.79% of the Master Fund's net assets. Additionally, the

------

Grosvenor Registered Multi-Strategy Fund (TI 2), LLC

Notes to Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2022

**Portfolio Valuation (continued)** 

governing documents of the Investment Funds generally provide that the Investment Funds may suspend, limit or delay the right of their investors, such as the Master Fund, to withdraw capital. The primary restrictions applicable to Investment Funds as of December 31, 2022, are described in detail on the Master Fund's Consolidated Schedule of Investments.

The Master Fund prioritizes the inputs to valuation techniques used to measure fair value. In accordance with Accounting Standards Update ("ASU") No. 2015-07, *Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)* ("ASU 2015-07"), investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. When the Adviser believes the reported NAV per share (or its equivalent) of an Investment Fund is not representative of fair value, the Adviser categorizes the investment in accordance with ASC Topic 820, *Fair Value Measurement* ("ASC 820").

Short-term investments represent an investment in a money market fund. Short-term investments are recorded at fair value, which is their published net asset value and are listed in the table below as a Level 1 investment.

ASC 820 establishes a hierarchal disclosure framework which prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. In accordance with ASC 820, the Master Fund has categorized its financial instruments into a three level fair value hierarchy. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The levels of the fair value hierarchy are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities
that the Fund has the ability to access at the measurement date. This level of the fair value hierarchy provides the most reliable evidence of fair value and is used to measure fair value whenever available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or
indirectly. These inputs include (a) quoted prices for similar assets in active markets; (b) quoted prices for identical or similar assets in markets that are not active; (c) inputs other than quoted prices that are observable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 3 - Inputs that are unobservable.

Inputs are used in applying valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. If the inputs used to measure an investment fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The determination of the significance of a certain input and what constitutes an observable input requires judgment by the Adviser. The categorization of an investment within the hierarchy is based upon the observable inputs of each investment and does not necessarily correspond

------

Grosvenor Registered Multi-Strategy Fund (TI 2), LLC

Notes to Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2022

**Portfolio Valuation (continued)** 

to the Adviser's perceived risk of the investment. The units of account that are valued by the Master Fund are its interests in the Investment Funds and not the underlying holdings of such Investment Funds. Thus, the inputs used by the Master Fund to value its investments in each of the Investment Funds may differ from the inputs used to value the underlying holdings of such Investment Funds. Thus, an Investment Fund with all of its underlying investments classified as Level 1 may be classified as a Level 2 or Level 3 investment.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1**<br> **Quoted Prices** | **Level 2**<br> **Significant**<br> **Observable Inputs** | **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs** | **Total Fair Value**<br> **at**<br> **December 31,**<br> **2022** |
|  Investment Funds Distressed\* | $– | $– | $138209 | $138209 |
|  Total Investment Funds in fair value hierarchy |  |  | 138209 | 138209 |
|  Investment Funds measured at NAV\*\* |  |  |  | 181406875 |
|  Total Investment Funds |  |  | 138209 | 181545084 |
|  Short-term Investments | 5629300 |  |  | 5629300 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5629300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187174384 |

---

\* Fair valued using a discount rate of 2.5% to the reported NAV, which takes into account considerations that are unique to such investment. 

\*\* The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Schedule of Investments. 

The level classifications in the table above may not be indicative of the risk.

------

Grosvenor Registered Multi-Strategy Fund (TI 2), LLC

Notes to Consolidated Schedule of Investments (unaudited) (continued)

December 31, 2022

**Income Taxes** 

<u>Tax Cost Basis</u>

The tax cost of the Sub-Fund takes into consideration the actual tax cost of each partnership investment transferred into the Sub-Fund on January 1, 2013, plus subsequent contributions and redemptions for tax purposes. Accordingly, the actual tax cost of investments for federal income tax purposes may be different than the GAAP amounts.

As of December 31, 2022, the tax cost and unrealized appreciation (depreciation) of the Investments and the Sub-Fund held by the Master Fund, as determined utilizing tax adjustments as of October 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Investments** | **Sub-Fund** |
|  Tax Cost Basis of Investments | $152074301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755752 |
|  Gross Unrealized Appreciation | $45874547 | $- |
|  Gross Unrealized Depreciation | (11950402) | (595433) |
|  Net Unrealized Appreciation/(Depreciation) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33924145 | $(595433) |

---

The cost of investments in Investment Funds attributable to investments held directly by the Master Fund shown above excludes the cost of the Master Fund's investment in the Sub-Fund. The Master Fund's policy of determining the Sub-Fund tax cost is to calculate using the tax basis of the corporation and not the tax cost basis of the individual investment fund holdings of the Sub-Fund.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Grosvenor Registered Multi-Strategy Fund (TI 2), LLC

- **b. Investment Company Act file number:** 811-22353

- **c. CIK number of Registrant:** 0001475456

- **d. LEI of Registrant:** 549300EKQ524UFQSQ108

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 900 North Michigan Avenue

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60611

  - **Telephone number:** 3125066500

**Item A.2. Information about the Series.**

- **a. Name of Series:** N/A

- **c. LEI of Series:** N/A

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $67370021.41

**Total Liabilities:** $1450544.58

**Net Assets:** $65919476.83

**Cash Not Reported:** $176890.27

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.66%               | 0.57%                | 0.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1452.32                | $-309972.92                                |
| Month 2  | $0.00                    | $499287.27                                 |
| Month 3  | $43577.93                | $564965.15                                 |

### Schedule of Portfolio Investments

| Name                                                    | Title                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Blackrock Liquidity Funds - T Fund Institutional Shares | Blackrock Liquidity Funds - T Fund Institutional Shares | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             |  | RF                | US        |     82271 | PA      | $82270.90     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Northern Institutional Treasury Portfolio Shares        | Northern Institutional Treasury Portfolio Shares        | CUSIP: 665279808<br>LEI: 54930050VO21IXKJ3O67 | Long             |  | RF                | US        |     62657 | PA      | $62657.11     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Grosvenor Registered Multi-Strategy Master Fund LLC     | Grosvenor Registered Multi-Strategy Master Fund LLC     | CUSIP: 999999999<br>LEI: 549300TI68SQQEHTB818 | Long             |  | PF                | US        |  45534064 | PA      | $65784568.41  | 99.80%            |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2023-01-26

**Name of Applicant:** Grosvenor Registered Multi-Strategy Fund (TI 2), LLC

**Signature:** Scott J. Lederman

**Name of Signer:** Scott J. Lederman

**Title:** Director, Chief Executive Officer and President