By analyzing a two-month trace of more than 25 million emails received at a large US university campus network, of which more than 18 million are spam messages, we characterize the spammer behavior at both the mail server and the network levels. We also correlate the arrivals of spam with the BGP route updates to study the network reachability properties of spammers. Among others, our significant findings are: (a) the majority of spammers (93% spam only mail servers and 58% spam only networks) send only a small number of spam messages (no more than 10); (b) the vast majority of both spam