Conservative is in the eye of the beholder when it comes to target date funds.
Very generally, target date funds are mutual fund offerings that automatically shift asset allocations to a more conservative profile as the fund owner approaches retirement age.
In other words, a "2015" fund may be purchased by someone intending to retire on or around 2015. This 2015 fund will likely move towards a higher bond and lower equity allocation as 2015 approaches.
It turns out that target date funds can be wildly divergent in their approach to asset allocation. As indicated in the article referenced below, some 2010 funds have an equity allocation of as much as 65% while others are as low as 20%.
The implications for retirees and near retirees are obviously significant as a higher equity allocation during periods of market volatility can be damaging and expose the person to sequence of returns risk.
Source: Investment News
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