Well, it's a big flotation chamber until water blowing in through the centerboard line fitting turns it into a big water tank.

That can happen quickly, especially in choppy water.
The easiest way to add flotation is to stuff pool noodles in through the inspection ports.
DSII's generally have random lengths of something that looks like styrofoam in the bilge. They're too long to fit through the inspection ports, so they must have been put in when the boats were built.
Besides that, there's an enclosure in the bilge, roughly halfway between the mast and the bow, that contains chunks of styrofoam. Here's a photo of it taken from forward:

- DSII bilge flotation tank.jpg (208.08 KiB) Viewed 12972 times
And here's one that shows it from aft, with flotation stuff in the foreground:

- DSII flotation tank - rear view.jpg (189.65 KiB) Viewed 12972 times
Besides that, the area forward of the bow bulkhead inside the cuddy is generally stuffed with styrofoam. It's a good idea to put an inspection port in the bulkhead so you can check the condition of the flotation material. It can become waterlogged. Several people have removed it and replaced it with pool noodles.
There's also a fix to keep water from entering the bilge through the centerboard fitting, that's been discussed pretty thoroughly in other threads.
You can also turn the cuddy into a big flotation tank by making a watertight door and sealing the mast opening in the cuddy roof.