Let A be a simple, separable C∗-algebra of stable rank one. We prove
that the Cuntz semigroup of \CC(\T,A) is determined by its Murray-von Neumann
semigroup of projections and a certain semigroup of lower semicontinuous
functions (with values in the Cuntz semigroup of A). This result has two
consequences. First, specializing to the case that A is simple, finite,
separable and Z-stable, this yields a description of the Cuntz
semigroup of \CC(\T,A) in terms of the Elliott invariant of A. Second,
suitably interpreted, it shows that the Elliott functor and the functor defined
by the Cuntz semigroup of the tensor product with the algebra of continuous
functions on the circle are naturally equivalent.Comment: 16 page