TD ASSET MANAGEMENT USA FUNDS INC. TD Institutional U.S. Government Fund TD Institutional Treasury Obligations Money Market Fund

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1 TD ASSET MANAGEMENT USA FUNDS INC. TD Institutional U.S. Government Fund TD Institutional Treasury Obligations Money Market Fund (together, the Funds and each, a Fund ) Supplement dated September 28, 2018 to the Summary Prospectus of each Fund, each dated March 5, 2018, and the Prospectus and Statement of Additional Information of each Fund, each dated February 28, 2018 On September 26, 2018, the Board of Directors (the Board ) of TD Asset Management USA Funds Inc. (the Company ) approved the liquidation of each of the TD Institutional U.S. Government Fund and TD Institutional Treasury Obligations Money Market Fund, each a series of the Company, pursuant to the terms of a Plan of Liquidation for each Fund. The approval by the Board of the liquidations was based on the recommendation of TDAM USA Inc., the Funds investment adviser ( TDAM ), which has determined that the Funds are no longer viable from a business and economic perspective. Under its Plan of Liquidation, each Fund will be liquidated on or about November 19, 2018 (the Liquidation Date ). On or before the Liquidation Date, all portfolio securities of the relevant Fund will be converted to cash or cash equivalents, and the Fund will cease investing its assets in accordance with its stated investment objective and policies. On the Liquidation Date, shareholders in the Fund as of the Liquidation Date will receive, as a liquidating distribution, an amount equal to their proportionate interest in the net assets of the Fund, after the Fund has paid or provided for all of its charges, taxes, expenses, and liabilities. A shareholder may voluntarily redeem his or her shares prior to the Liquidation Date to the extent that the shareholder wishes to do so. Shareholders remaining in a Fund just prior to the Liquidation Date may bear increased transaction fees incurred in connection with the disposition of the Fund s portfolio holdings. Although the liquidation is not expected to be a taxable event for each Fund, for taxable shareholders the automatic redemption of shares of the Fund on the Liquidation Date will generally be treated as any other redemption of shares, i.e., as a sale that may result in a gain or loss for federal income tax purposes. A Fund may also make a distribution of undistributed net income and/or net capital gains prior to the Liquidation Date. Shareholders, including shareholders that own Fund shares in a tax deferred account, such as an individual retirement account, 401(k) or 403(b) account, should consult their tax advisers regarding the tax treatment of the liquidations. In connection with its liquidation, effective October 3, 2018, for Clients of TD Ameritrade Institutional only, each Fund will be closed to new accounts, including through exchanges into the Fund from other funds in the Company. Investors may continue to redeem shares of each Fund. TDAM will bear all expenses of the liquidation to the extent such expenses are not part of a Fund s normal and customary fees and operating expenses; however, each Fund and its shareholders will bear transaction costs and tax consequences associated with portfolio turnover of the Fund in anticipation of the Fund s liquidation. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE The TD logo and other trade-marks are the property of The Toronto-Dominion Bank or a wholly-owned subsidiary, in Canada and/or other countries.

2 TD Asset Management USA Funds Inc. TD Institutional U.S. Government Fund Institutional Class (TDGXX) Institutional Service Class (TDHXX) SUMMARY PROSPECTUS March 5, 2018 Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its risks. You can find the Fund s prospectus (including amendments and supplements) and other information about the Fund, including the Fund s statement of additional information and shareholder report, online at You can also get this information at no cost by calling or by sending an request to orders@mysummaryprospectus.com, or from your financial intermediary. The Fund s prospectus and statement of additional information, both dated February 28, 2018, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this summary prospectus. Investment Objective The TD Institutional U.S. Government Fund (the Institutional U.S. Government Fund ) seeks maximum current income to the extent consistent with liquidity and preservation of capital and a stable price of $1.00 per share. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Institutional U.S. Government Fund. Institutional Class Institutional Service Class Shareholder Fees (fees paid directly from your investment) Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) None None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.10% 0.10% Distribution (12b-1) Fees None None Other Expenses Shareholder Servicing Fees None 0.25% All Other Expenses* 0.10% 0.10% Total Other Expenses 0.10% 0.35% Total Annual Fund Operating Expenses 0.20% 0.45% * All Other Expenses have been restated to reflect current fees. Example This Example is intended to help you compare the cost of investing in the Institutional U.S. Government Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Institutional U.S. Government Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Institutional U.S. Government Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Institutional Class $20 $ 64 $113 $255 Institutional Service Class $46 $144 $252 $567 Investment Strategies The Institutional U.S. Government Fund is a money market fund. The Institutional U.S. Government Fund invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notes, bonds and other obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, and/or repurchase agreements that are fully collateralized by cash or government securities. Government security means any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority As with any mutual fund, the Securities and Exchange Commission (SEC) has not approved or disapproved the shares or determined whether this summary prospectus is adequate or complete. Any representation to the contrary is a criminal offense. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE The TD logo and other trade-marks are the property of The Toronto-Dominion Bank.

3 granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. In addition, the Institutional U.S. Government Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in government securities and/or repurchase agreements that are collateralized by government securities. Principal Risks Interest Rate Risk The income from the Institutional U.S. Government Fund will vary with changes in prevailing interest rates. The market value of fixed income investments changes in response to interest rate changes and other factors. During periods of rising interest rates, the values of outstanding fixed income securities generally fall. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market fluctuation as a result of changes in interest rates. There may be a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. Credit Risk Fixed income investments involve credit risk. This is the risk that the issuer or credit enhancer will be unable, or will be perceived to be unable, to repay its coupon or maturity in full on a timely basis. The Institutional U.S. Government Fund reduces credit risk by investing primarily in U.S. government and agency securities. However, not all of these securities in which the Institutional U.S. Government Fund may invest are backed by the full faith and credit of the U.S. government. There is no guarantee that the U.S. government will support securities not backed by its full faith and credit. Prepayment Risk Prepayment risk is the risk that the ability of an issuer of a debt security to repay principal prior to a security s maturity can cause greater price volatility if interest rates change. Such prepayments often occur during periods of declining interest rates, and may cause the Institutional U.S. Government Fund to reinvest assets in lower yielding securities. Redemption Risk The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline. Repurchase Agreements Risk Repurchase agreements could involve certain risks in the event of default or insolvency of the seller, including losses and possible delays or restrictions upon the Fund s ability to dispose of the underlying securities. The Fund will be exposed to the credit of the counterparties to repurchase agreements and their ability to satisfy the terms of the agreements, which exposes the Fund to the risk that the counterparties may default on their obligations to perform under the agreements. If the counterparty to a repurchase agreement fails to repurchase the underlying securities and the value of the underlying securities decreases, the Fund could experience a loss. You could lose money by investing in the Institutional U.S. Government Fund. Although the Institutional U.S. Government Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Performance The following bar chart and table illustrate the risks of investing in the Institutional Class of the Institutional U.S. Government Fund. The bar chart shows changes in the Institutional Class performance from year to year. The returns for the Institutional Service Class of the Institutional U.S. Government Fund will vary from the returns of the Institutional Class as a result of differences in expenses applicable to each Class. The table below shows average annual total returns of each Class of the Institutional U.S. Government Fund. Of course, past performance is not necessarily an indication of how the Institutional U.S. Government Fund will perform in the future. For updated performance information, please call (866) or visit 2

4 YEAR-BY-YEAR ANNUAL TOTAL RETURN as of 12/31 each year Institutional U.S. Government Fund Institutional Class 2.5% 2.24% 2.0% 1.5% 1.0% 0.71% 0.5% 0.0% 12/ % 0.05% 0.02% 0.01% 0.01% 0.01% 0.01% 12/09 12/10 12/11 12/12 For the periods covered by the bar chart, the highest and lowest quarterly returns were 0.80% (for the quarter ended 3/31/08) and 0.00% (for the quarter ended 3/31/14), respectively. 12/13 12/14 12/ % 12/16 12/17 1 Year 5 Years 10 Years Institutional U.S. Government Fund Institutional Class 0.71% 0.19% 0.34% Institutional U.S. Government Fund Institutional Service Class 0.46% 0.10% 0.26% (1) As of 12/31/17, the 7-day yields for the Institutional U.S. Government Fund Institutional Class and Institutional Service Class were 1.06% and 0.81%, respectively. Investment Manager TDAM USA Inc. is the Institutional U.S. Government Fund s investment manager. Purchase and Sale of Portfolio Shares You may purchase or sell (redeem) your shares on any day when the New York Stock Exchange is open for regular trading and the Federal Reserve Bank of New York is open. You may sell shares by phone or by mail. For more information on how to purchase, sell or exchange shares, you should contact your salesperson or financial intermediary. Balance Minimums. For clients wishing to purchase shares directly from the Institutional U.S. Government Fund, there is a combined initial purchase and minimum account balance requirement of $10,000,000 per household (by address) across the following funds and various classes of these funds in the TD Asset Management USA Funds Inc. fund complex: TD Institutional U.S. Government Fund, TD Institutional Treasury Obligations Money Market Fund, TD Global Low Volatility Equity Fund and Epoch U.S. Small-Mid Cap Equity Fund. The initial purchase and minimum account balance requirement may be less if you purchase and hold shares through a financial intermediary. Tax Information The Institutional U.S. Government Fund intends to make distributions that generally will be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a retirement plan. However, all or some of the dividends received from the Institutional U.S. Government Fund may be exempt from individual state and/or local income taxes. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Institutional U.S. Government Fund through a broker-dealer or other financial intermediary (such as a bank), the Institutional U.S. Government Fund and its related companies may pay the financial intermediary for the sale of Institutional U.S. Government Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Institutional U.S. Government Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 3

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