[cc65] --start-addr questions

When using --start-addr with --listing, the resulting listing is
"relocatable" I assume (a lot of "rr"s), however the output is not.
If I go back to using .ORG then the listing is correct.  Is there a
different way to do this to get the correct listing?

Command line:

 cl65 -t none --start-addr 0x80c -l hello.s

Thanks.
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