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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                   JUNE 30, 2000                 .

                                       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

                                                                     PAGE NUMBER
                                                                     -----------
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements and Supplementary Data

         Balance Sheets at June 30, 2000 (Unaudited) and
         December 31, 1999                                                3

         Statements of Income for the three and six months ended
         June 30, 2000 and 1999 (Unaudited)                               4

         Statements of Cash Flows for the six months ended
         June 30, 2000 and 1999 (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


                                      -2-

<PAGE>   3

                        DEL TACO RESTAURANT PROPERTIES II

                                 BALANCE SHEETS

                                             JUNE 30,         December 31,
                                               2000               1999
                                           -----------        -----------
                                           (UNAUDITED)

                                ASSETS

CURRENT ASSETS:
     Cash                                  $   129,264        $   139,292
     Receivable from General Partner            45,766             41,324
     Deposits                                    1,000              1,000
                                           -----------        -----------
         Total current assets                  176,030            181,616
                                           -----------        -----------
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          1,625,721          1,598,631
                                           -----------        -----------
                                             2,318,114          2,345,204
                                           -----------        -----------
                                           $ 2,494,144        $ 2,526,820
                                           ===========        ===========

                 LIABILITIES AND PARTNERS' EQUITY

CURRENT LIABILITIES:
     Payable to Limited Partners           $    18,670        $    15,666
     Accounts payable                            6,433              8,666
                                           -----------        -----------
         Total current liabilities              25,103             24,332
                                           -----------        -----------
PARTNERS' EQUITY:
     Limited Partners                        2,493,400          2,526,513
     General Partner-Del Taco, Inc.            (24,359)           (24,025)
                                           -----------        -----------
                                             2,469,041          2,502,488
                                           -----------        -----------
                                           $ 2,494,144        $ 2,526,820
                                           ===========        ===========


                          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         SIX MONTHS ENDED
                                           JUNE 30,                  JUNE 30,
                                    ---------------------     ---------------------
                                      2000         1999         2000         1999
                                    --------     --------     --------     --------
<S>                                 <C>          <C>          <C>          <C>
REVENUES:
     Rent                           $129,435     $121,512     $249,815     $235,711
     Interest                            966          770        1,504        1,636
     Other                               300          925          470        1,450
                                    --------     --------     --------     --------
                                     130,701      123,207      251,789      238,797
                                    --------     --------     --------     --------

EXPENSES:
     General and administrative       11,286       11,501       33,796       33,804
     Depreciation                     13,545       13,545       27,090       27,090
                                    --------     --------     --------     --------
                                      24,831       25,046       60,886       60,894
                                    --------     --------     --------     --------
         Net income                 $105,870     $ 98,161     $190,903     $177,903
                                    ========     ========     ========     ========
     Net income per limited
        partnership unit            $   3.88     $   3.60     $   7.00     $   6.52
                                    ========     ========     ========     ========
</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>
                                                                   SIX MONTHS ENDED
                                                                       JUNE 30,
                                                                ----------------------
                                                                   2000         1999
                                                                ---------    ---------
<S>                                                             <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income                                                      $ 190,903    $ 177,903
Adjustments to reconcile net income to net
  cash provided by operating activities:
     Depreciation                                                  27,090       27,090
     (Increase) decrease in receivable from General Partner        (4,442)       1,377
     Decrease in deposits                                              --          253
     Increase in accounts payable and payable
        to limited partners                                           773        1,190
                                                                ---------    ---------
             Net cash provided by operating activities            214,324      207,813


CASH FLOWS FROM FINANCING ACTIVITIES:

Cash distributions to partners                                   (224,352)    (217,747)
                                                                ---------    ---------
Net decrease in cash                                              (10,028)      (9,934)

Beginning cash balance                                            139,292      134,928
                                                                ---------    ---------
Ending cash balance                                             $ 129,264    $ 124,994
                                                                =========    =========
</TABLE>

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

                                      -5-

<PAGE>   6

                        DEL TACO RESTAURANT PROPERTIES II

                          NOTES TO FINANCIAL STATEMENTS

                                  JUNE 30, 2000

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, 1999. In the opinion of
management, all adjustments (consisting of normal recurring accruals) necessary
to present fairly the partnership's financial position at June 30, 2000, the
results of operations and cash flows for the six month periods ended June 30,
2000 and 1999 have been included. Operating results for the three and six months
ended June 30, 2000 are not necessarily indicative of the results that may be
expected for the year ending December 31, 2000.

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 2000 and 1999.

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

                                  JUNE 30, 2000


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 June 30, 2000, the five restaurants operated by Del
Taco, for which the partnership is the lessor, had combined, unaudited sales of
$1,078,620 and net income of $68,307 as compared to $1,012,599 and $54,157
respectively, for the corresponding period in 1999. Net income by restaurant
includes charges for general and administrative expenses incurred in connection
with supervision of restaurant operations and interest expense (1999 combined,
unaudited net income has been changed to measure net income on a consistent
basis with the year 2000 presentation).

For the six months ended June 30, 2000, the five restaurants operated by Del
Taco, for which the partnership is the lessor, had combined, unaudited sales of
$2,081,791 and net income of $111,677 as compared to $1,964,264 and $100,352
respectively, for the corresponding period in 1999.

NOTE 4 - TRANSACTIONS WITH DEL TACO

The receivable from General Partner consists primarily of rent accrued for the
month of June. The June rent was collected on July 15, 2000.

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 July 17, 2000, a distribution to the limited partners of $104,538 or
approximately $3.87 per limited partnership unit, was approved. Such
distribution was paid on July 18, 2000. The General Partner also received a
distribution of $1,056 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       SIX MONTHS ENDED
                                                    JUNE 30,                JUNE 30,
                                              --------------------    --------------------
                                                2000        1999        2000        1999
                                              --------    --------    --------    --------
<S>                                           <C>         <C>         <C>         <C>
Bear Valley Rd., Victorville, CA              $ 23,070    $ 23,186    $ 45,485    $ 45,114

West Valley Blvd., Colton, CA                   31,107      27,963      59,619      52,701

Palmdale Blvd., Palmdale, CA                    20,008      20,171      38,895      39,883

DeAnza Country Shopping Center, Pedley, CA      20,196      16,414      38,228      32,162

Varner Road, Thousand Palms, CA                 35,054      33,778      67,588      65,851
                                              --------    --------    --------    --------
         Total                                $129,435    $121,512    $249,815    $235,711
                                              ========    ========    ========    ========
</TABLE>

The partnership receives rental revenues equal to 12 percent of gross sales from
the restaurants. The partnership earned rental revenue of $129,435 during the
three month period ended June 30, 2000, which represents an increase of $7,923
from 1999. The partnership earned rental revenue of $249,815 during the six
month period ended June 30, 2000, which represents an increase of $14,104 from
1999. The changes in rental revenue between 1999 and 2000 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:

                               Percentage of Total
                        General & Administrative Expense

                                                               Six Months Ended
                                                                    June 30,
                                                              -----------------
                                                                2000      1999
                                                              ------     ------

        Accounting fees                                        61.74%     63.99%
        Distribution of information to limited partners        38.26      36.01
                                                              ------     ------
                                                              100.00%    100.00%
                                                              ======     ======

General and administrative costs for the six month period ended June 30,
decreased from 1999 to 2000 due to decreased costs of distribution of
information to limited partners.

For the three month period ended June 30, 2000, net income increased by $7,709
from 1999 to 2000 due to the increase in revenues of $7,494 and the $215
decrease in general and administrative expenses. For the six month period ended
June 30, 2000, net income increased by $13,000 from 1999 to 2000 due to the
increase in revenues of $12,992 and the $8 decrease in general and
administrative expenses.


                                      -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 six months ended
             June 30, 2000.



                                      -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: July 31, 2000                         /s/ Robert J. Terrano
                                            ----------------------------------
                                                Robert J. Terrano
                                                Executive Vice President,
                                                Chief Financial Officer


Date: July 31, 2000                         /s/ C. Douglas Mitchell
                                            ----------------------------------
                                                C. Douglas Mitchell
                                                Vice President and Corporate
                                                Controller


                                      -11-
<PAGE>   12


                                 EXHIBIT INDEX

Exhibit
Number                    Description
------                    -----------

 27.1               Financial Data Schedule