We present long-term time-series of strato-mesospheric CO vertical columns measured from stations located in Antarctica, mid-latitudes and the Arctic, covering the period from 1997–2005. The instrument and the measurement technique allows the separation of tropospheric and strato-mesospheric contributions to the CO column, therefore providing information on the chemistry and dynamics both at low and high altitudes. Data from polar stations show a similar annual variability of strato-mesospheric CO with a strong maximum in late winter and spring. A small enhancement in late summer for some stations, which we call the "summer bulge", can be seen occasionally. Generally, the mid-latitude stations show no significant annual variability of strato-mesospheric CO columns. Measurements were compared with a two-dimensional chemistry-transport model of the middle atmosphere. The annual and latitudinal variations of CO are reproduced well by a model run including thermospheric CO. Comparison with two model scenarios show that the polar winter maximum is due solely to downward transport of thermospheric CO, while CHO<sub>x</sub> chemistry in the stratosphere could probably contribute to the summer maximum.