Bulk metallic glasses (BMGs) are potentially superb structural materials due to a unique combination of properties such as a large elastic strain limit, high strength and good fracture toughness. However, most BMGs are prone to catastrophic failure during unconstrained loading due to high concentration of shear deformation in the form of a shear band. This problem has been addressed by the development of BMG-matrix composites that suppress this failure mode. In this study we have utilized neutron diffraction measurements to investigate the load sharing in such a BMG-matrix composite, where the second phase is formed in-situ during quenching. The properties of the second phase itself have also been investigated in the monolithic form. The diffraction data has been compared to the predictions of self-consistent models resulting in good agreement.