Parts. There were no instructions in the box and none were needed.
And disassembled. I discovered, after monkeying with it for a bit, the backpack also comes off. So that will give you four Attachments -- head, gun, shield, and backpack -- and you can lose the arms to represent losing a White die.
Only the right arm can hold the gun and the only the left will mount the shield. Other than that it's a fun model. It's made of a nice rubbery plastic so it will stand up to rough handling. A single model costs less than a Chub from Mobilefra.me. My usual rating system doesn't really work here so make of this what you will.