Seems like her dad knew what he was doing. Used the index options to build a 60-40 with a slight tilt to small caps (versus replicating the total us market index), added a little inflation protection in the bond allocation, and hit the upper limit on foreign allocation for most bogleheads. If she went through the financial crisis with a material amount of money in the account and didn't check it a lot/freak out maybe you can up the stock allocation, but I would be reluctant to mess with it.
Does that seem a bit conservative for someone her age though? Looking at BlackRock US Debt Index Fund M specifically, which makes up a very significant portion of her allocation at 30%, returns are as follows: YTD: -2.63%, 3 Year = +1.36%, 5 Years = +2.24%. One idea I had was to lower this from 30% to something much smaller and beef up on the other stock based funds.
Past performance is not a good indicator of future returns.
Unless your SO is your spouse you should mind your own fin' business. Even if she is your spouse, you should make sure she is on board with the total picture of your combined portfolio, or find out if they want a different allocation for their portion of the portfolio (this can be helpful in case of future separation).
I agree that a 40/40/20 stock, bond, int'l split isn't the worst thing in the world. Could it be more aggressive at her age? Sure, but maybe she's not comfortable with that. Dad's tend to want the best for their daughters.