<PAGE>   1

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                                 UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-Q
(MARK ONE)
[X]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934

FOR THE QUARTERLY PERIOD ENDED                 SEPTEMBER 30, 1999

                                       OR

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM  _____________________ TO
 _____________________  .

COMMISSION FILE NO. 2-92121

                       DEL TACO RESTAURANT PROPERTIES II
                        A CALIFORNIA LIMITED PARTNERSHIP
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

<TABLE>
<S>                                                      <C>
                      CALIFORNIA                                  33-0064245
            (STATE OR OTHER JURISDICTION OF                    (I.R.S. EMPLOYER
            INCORPORATION OR ORGANIZATION)                  IDENTIFICATION NUMBER)

 23041 AVENIDA DE LA CARLOTA, LAGUNA HILLS, CALIFORNIA              92653
       (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                   (ZIP CODE)
</TABLE>

                                 (949) 462-9300
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)

     INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS
REQUIRED TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 DURING THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE
REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH
FILING REQUIREMENTS FOR THE PAST 90 DAYS.  YES  X   NO  __

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                                      INDEX

                        DEL TACO RESTAURANT PROPERTIES II


<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION                                        PAGE NUMBER
-----------------------------                                        -----------
<S>                                                                  <C>


Item 1.  Financial Statements and Supplementary Data


Balance Sheets at September 30, 1999 (Unaudited) and
     December 31, 1998                                                     3

Statements of Income for the three and nine months ended
     September 30, 1999 and 1998 (Unaudited)                               4

Statements of Cash Flows for the nine months ended
     September 30, 1999 and 1998 (Unaudited)                               5

Notes to Financial Statements                                              6


Item 2.  Management's Discussion and Analysis of
         Financial Condition and Results of Operations                     8


PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K                                  10


SIGNATURES                                                                 11
</TABLE>



                                      -2-
<PAGE>   3

                        DEL TACO RESTAURANT PROPERTIES II

                                 BALANCE SHEETS


<TABLE>
<CAPTION>
                                                     SEPTEMBER 30,       December 31,
                                                         1999                1998
                                                     -------------       ------------
                                                     (UNAUDITED)
<S>                                                  <C>                 <C>
                                     ASSETS

CURRENT ASSETS:
     Cash                                            $   140,497         $   134,928
     Receivable from General Partner (Note 4)             40,934              42,415
     Deposits                                              1,108               1,468
                                                     -----------         -----------
        Total current assets                             182,539             178,811
                                                     -----------         -----------

PROPERTY AND EQUIPMENT, AT COST:
     Land and improvements                             1,806,006           1,806,006
     Buildings and improvements                        1,238,879           1,238,879
     Machinery and equipment                             898,950             898,950
                                                     -----------         -----------
                                                       3,943,835           3,943,835
     Less--accumulated depreciation                    1,585,086           1,544,451
                                                     -----------         -----------
                                                       2,358,749           2,399,384
                                                     -----------         -----------

                                                     $ 2,541,288         $ 2,578,195
                                                     ===========         ===========

                        LIABILITIES AND PARTNERS' EQUITY

CURRENT LIABILITIES:
     Payable to Limited Partners                     $    13,757         $    12,099
     Accounts payable                                      5,227               5,434
                                                     -----------         -----------
        Total current liabilities                         18,984              17,533
                                                     -----------         -----------

PARTNERS' EQUITY:
     Limited Partners                                  2,546,132           2,584,106
     General Partner-Del Taco, Inc.                      (23,828)            (23,444)
                                                     -----------         -----------
                                                       2,522,304           2,560,662
                                                     -----------         -----------

                                                     $ 2,541,288         $ 2,578,195
                                                     ===========         ===========
</TABLE>



                          The accompanying notes are an
                   integral part of these financial statements



                                      -3-
<PAGE>   4

                        DEL TACO RESTAURANT PROPERTIES II

                              STATEMENTS OF INCOME

                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                         THREE MONTHS ENDED          NINE MONTHS ENDED
                                            SEPTEMBER 30,              SEPTEMBER 30,
                                         1999          1998          1999          1998
                                       --------      --------      --------      --------
<S>                                    <C>           <C>           <C>           <C>
REVENUES:
     Rent (Notes 3 and 4)              $128,625      $127,142      $364,337      $357,330
     Interest                               934           870         2,570         1,658
     Other                                  750         1,225         2,200         2,175
                                       --------      --------      --------      --------
                                        130,309       129,237       369,107       361,163
                                       --------      --------      --------      --------

EXPENSES:
     General and administrative           8,699         8,602        42,503        42,093
     Depreciation                        13,545        13,545        40,635        40,635
                                       --------      --------      --------      --------
                                         22,244        22,147        83,138        82,728
                                       --------      --------      --------      --------

        Net income                     $108,065      $107,090      $285,969      $278,435
                                       ========      ========      ========      ========

     Net income per limited
        partnership unit (Note 2)      $   3.96      $   3.93      $  10.48      $  10.21
                                       ========      ========      ========      ========
</TABLE>



                   The accompanying notes are an integral part
                         of these financial statements.



                                      -4-
<PAGE>   5

                        DEL TACO RESTAURANT PROPERTIES II

                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                    NINE MONTHS ENDED
                                                                       SEPTEMBER 30,
                                                                   1999            1998
                                                                 ---------       ---------
<S>                                                              <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income                                                       $ 285,969       $ 278,435
Adjustments to reconcile net income to net
  cash provided by operating activities:
     Depreciation                                                   40,635          40,635
     Decrease (increase) in receivable from General Partner          1,481          (1,251)
     Decrease (increase) in deposits                                   360            (937)
     Increase in accounts payable and payable
        to limited partners                                          1,452             806
                                                                 ---------       ---------

           Net cash provided by operating activities               329,897         317,688


CASH FLOWS FROM FINANCING ACTIVITIES:

Cash distributions to partners                                    (324,328)       (293,734)
                                                                 ---------       ---------

Net increase in cash                                                 5,569          23,954

Beginning cash balance                                             134,928         119,687
                                                                 ---------       ---------

Ending cash balance                                              $ 140,497       $ 143,641
                                                                 =========       =========
</TABLE>



                   The accompanying notes are an integral part
                         of these financial statements.



                                      -5-
<PAGE>   6

                        DEL TACO RESTAURANT PROPERTIES II

                          NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 1999


NOTE 1 - BASIS OF PRESENTATION

The accompanying financial statements, some of which are unaudited, have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements and should therefore be read in conjunction with the
financial statements and notes thereto contained in the partnership's annual
report on Form 10-K for the year ended December 31, 1998. In the opinion of
management, all adjustments (consisting of normal recurring accruals) necessary
to present fairly the partnership's financial position at September 30, 1999,
the results of operations and cash flows for the nine month periods ended
September 30, 1999 and 1998 have been included. Operating results for the three
and nine months ended September 30, 1999 are not necessarily indicative of the
results that may be expected for the year ending December 31, 1999.

NOTE 2 - NET INCOME PER LIMITED PARTNERSHIP UNIT

Net income per limited partnership unit is based upon the weighted average
number of units outstanding during the periods presented which amounted to
27,006 in 1999 and 1998.

Pursuant to the partnership agreement, annual partnership income or loss is
allocated one percent to the General Partner and 99 percent to the limited
partners. Partnership gains from any sale or refinancing will be allocated one
percent to the General Partner and 99 percent to the limited partners until
allocated gains and profits equal losses, distributions and syndication costs
previously allocated. Additional gains will be allocated 15 percent to the
General Partner and 85 percent to the limited partners.



                                      -6-
<PAGE>   7

                        DEL TACO RESTAURANT PROPERTIES II

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                               SEPTEMBER 30, 1999


NOTE 3 - LEASING ACTIVITIES

The partnership leases certain properties for operation of restaurants to Del
Taco, Inc. on a triple net basis. The leases are for terms of 35 years
commencing with the completion of the restaurant facility located on each
property and require monthly rentals equal to 12 percent of the gross sales of
the restaurants. There is no minimum rental under any of the leases.

For the three months ended September 30, 1999, the five restaurants operated by
Del Taco, for which the partnership is the lessor, had combined, unaudited sales
of $1,071,879 and net income of $69,381 as compared to $1,059,512 and $80,355
respectively, for the corresponding period in 1998. Net income by restaurant
includes charges for general and administrative expenses incurred in connection
with supervision of restaurant operations and interest expense.

For the nine months ended September 30, 1999, the five restaurants operated by
Del Taco, for which the partnership is the lessor, had combined, unaudited sales
of $3,036,143 and net income of $169,733 as compared to $2,977,753 and $186,142
respectively, for the corresponding period in 1998.

NOTE 4 - TRANSACTIONS WITH DEL TACO

The receivable from General Partner consists primarily of rent accrued for the
month of September. The September rent was collected on October 13, 1999.

Del Taco, Inc. serves in the capacity of general partner in other partnerships
which are engaged in the business of operating restaurants and three other
partnerships which were formed for the purpose of acquiring real property in
California for construction of Mexican-American restaurants for lease under
long-term agreements to Del Taco, Inc. for operation under the Del Taco trade
name.

In addition, see Note 5 with respect to certain distributions to the General
Partner.

NOTE 5 - DISTRIBUTIONS

On October 12, 1999, a distribution to the limited partners of $120,523 or
approximately $4.46 per limited partnership unit, was approved. Such
distribution was paid on October 19, 1999. The General Partner also received a
distribution of $1,217 with respect to its 1% partnership interest.



                                      -7-
<PAGE>   8

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS


Liquidity and Capital Resources

The partnership offered limited partnership units for sale between September
1984 and December 1985. 15% of the $6.751 million raised through sale of limited
partnership units was used to pay commissions to brokers and to reimburse the
General Partner for offering costs incurred. Approximately $5.6 million of the
remaining funds were used to acquire sites and build seven restaurants. Two
restaurants were sold in 1994.

The five restaurants leased to Del Taco make up almost all of the income
producing assets of the partnership. Therefore, the business of the partnership
is almost entirely dependent on the success of the Del Taco trade name
restaurants that lease the properties. The success of the restaurants is
dependent on a large variety of factors, including, but not limited to, consumer
demand and preference for fast food, in general, and for Mexican-American food
in particular.

Results of Operations

The partnership owned seven properties that were under long-term lease to Del
Taco for restaurant operations. Two restaurants were sold in 1994 and five are
currently operating.

The following table sets forth rental revenue earned by restaurant for the year:

<TABLE>
<CAPTION>
                                                 THREE MONTHS ENDED           NINE MONTHS ENDED
                                                     SEPTEMBER 30,               SEPTEMBER 30,
                                                  1999          1998          1999          1998
                                                --------      --------      --------      --------
<S>                                             <C>           <C>           <C>           <C>
Bear Valley Rd., Victorville, CA                $ 25,291      $ 25,471      $ 70,406      $ 70,744

West Valley Blvd., Colton, CA                     30,495        28,092        83,195        76,241

Palmdale Blvd., Palmdale, CA                      20,820        21,980        60,703        61,210

DeAnza Country Shopping Center, Pedley, CA        18,541        17,047        50,703        47,855

Varner Road, Thousand Palms, CA                   33,478        34,552        99,330       101,280
                                                --------      --------      --------      --------

        Total                                   $128,625      $127,142      $364,337      $357,330
                                                ========      ========      ========      ========
</TABLE>



The partnership receives rental revenues equal to 12 percent of gross sales from
the restaurants. The partnership earned rental revenue of $128,625 during the
three month period ended September 30, 1999, which represents an increase of
$1,483 from 1998. The partnership earned rental revenue of $364,337 during the
nine month period ended September 30, 1999, which represents an increase of
$7,007 from 1998. The changes in rental revenue between 1998 and 1999 are
directly attributable to changes in sales levels at the restaurants under lease.



                                      -8-
<PAGE>   9

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS CONTINUED

The following table breaks down general and administrative expenses by type of
expense:

<TABLE>
<CAPTION>
                                                      Percentage of Total
                                                General & Administrative Expense
                                                --------------------------------

                                                     Nine Months Ended
                                                        September 30,
                                                    1999             1998
                                                  -------          -------
<S>                                             <C>                <C>
Accounting fees                                     53.72%           57.23%
Distribution of
  information to
  limited partners                                  46.28            42.77
                                                  -------          -------

                                                   100.00%          100.00%
                                                  =======          =======
</TABLE>


General and administrative costs for the nine month period ended September 30,
increased from 1998 to 1999 due to increased costs for accounting and income tax
return preparation.

For the three month period ended September 30, 1999, net income increased by
$975 from 1998 to 1999 due to the increase in revenues of $1,072 which was
partially offset by the $97 increase in general and administrative expenses. For
the nine month period ended September 30, 1999, net income increased by $7,534
from 1998 to 1999 due to the increase in revenues of $7,944 which was partially
offset by the $410 increase in general and administrative expenses.

The General Partner does not believe the operations of the partnership will be
significantly impacted by the year 2000 software issue and does not believe the
year 2000 software issue will materially effect the partnerships operations,
financial position or cash flows.



                                      -9-
<PAGE>   10

PART II. OTHER INFORMATION

Item 6.    Exhibits and Reports on Form 8-K

(b) No reports on Form 8-K were filed during the nine months ended September 30,
1999.



                                      -10-
<PAGE>   11

                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                        DEL TACO RESTAURANT PROPERTIES II
                                        (a California limited partnership)
                                        Registrant

                                        Del Taco, Inc.
                                        General Partner



Date:  October 29, 1999                 /s/ Robert J. Terrano
                                        ---------------------------
                                        Robert J. Terrano
                                        Executive Vice President,
                                        Chief Financial Officer


Date:  October 29, 1999                 /s/ C. Douglas Mitchell
                                        ---------------------------
                                        C. Douglas Mitchell
                                        Vice President and Corporate
                                        Controller



                                      -11-
<PAGE>   12
                                 EXHIBIT INDEX



        27   Financial Data Schedule