The present invention relates to compositions and methods for the modulated release of one or more proteins or peptides. The composition is comprised of a biocompatible polymeric matrix, a protein and/or peptide, and a sparingly water-soluble or essentially insoluble particle. The protein is deposited by adsorption or some other mechanism onto the sparingly water-soluble biocompatible particle wherein the protein-particle combination is dispersed within the polymeric matrix. The deposition of the protein onto the particle acts to modulate the release of the protein or peptide from dosage forms including long-acting dosage systems.