Completely empty.

When we applied for a PHRF rating the Sailmaster 50 had never been given one, only the AS-50 Mark2 had a rating so I was given an AS-50 rating. Didn't matter to them that the Sailmaster had 250 feet less sail area, weighed 8,000 lb more & was a motorsailor. I protested and was told to race a couple of years, if I wasn't competitive with my rating I could apply and they would think of adjusting it. Made no difference to them that a Sailmaster is a completely different boat than the AS-50.

Getting a PHRF rating on cruising or previously unrated boats is a joke. Of course, you need one if there's a race you wish to enter. All you can do is have a good time loosing no matter how good your crew is.

Good luck.