U.S. SECURITIES AND EXCHANGE COMMISSION
                                         Washington, DC  20549

                                              FORM 10-QSB

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE  SECURITIES
                                    EXCHANGE ACT OF 1934
                     For the quarterly period ended April 30, 2001.

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

      For the transition period from ........... to ...........

                     Commission File No. 33-85102

                    SEVEN FIELDS DEVELOPMENT COMPANY
              (Name of small business issuer in its charter)

     PENNSYLVANIA                           25-1561828
(State of Incorporation)    (I.R.S. Employer Identification No.)

       2200 Garden Drive, Suite 200, Seven Fields, PA  16046-7846
           (Address of principal executive office with Zip Code)

                 Issuer's telephone number (724) 776-5070

Check whether the issuer (1) has filed all reports required to be
filed by Sections 13 or 15(d) of the Exchange Act 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  XX            No ____

                   APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the
issuer's classes of common equity, as of the latest practicable
date:
  As of April 30, 2001 there were 3,484,392 shares of the
issuer's $1.00 par value common stock outstanding.

Transitional Small Business Disclosure Format
  Yes ____           No  XX

<PAGE>



               SEVEN FIELDS DEVELOPMENT COMPANY
                          Form 10-QSB


The following financial information is provided in response to
Items 1 and 2 of Form 10-QSB.

Item I  -  Financial Statements

<PAGE>



                      SEVEN FIELDS DEVELOPMENT COMPANY
                  STATEMENT OF NET ASSETS IN LIQUIDATION
                AS OF APRIL 30, 2001 AND OCTOBER 31, 2000

                                 ASSETS
72:    <TABLE>


                                                                            2001                           2000
<S>                                                                      <C>                            <C>
Cash                                                                   $     28,926                $    10,078
Temporary investments                                    2,133,762                 1,859,367
Total Cash & Temporary Investments       $  2,162,688              $ 1,869,445

Accounts and notes receivable, net
   of allowances of $12,268                                    21,372                     641,426
Capitalized development costs                                                           3,304,043
Capitalized house construction costs                                                4,706,445
Prepaid expenses and deposits                                                            259,709
Property not currently under
   development                                                       2,075,027               2,355,000

Property, Buildings &
  Equipment

Equipment and furnishings                                                                $   459,573
Accumulated Depreciation                                                                      (324,290)

  Total Property, Buildings and
    Equipment, Net of Accumulated
      Depreciation                                                                                     $   135,283


      Total Assets                                                        $  4,259,087     $13,271,351

</TABLE>
[FN]






                    See Notes To Financial Statements
111: <PAGE>
                      SEVEN FIELDS DEVELOPMENT COMPANY
           STATEMENT OF NET ASSETS IN LIQUIDATION
          AS OF APRIL 30, 2001 AND OCTOBER 31, 2000

                LIABILITIES AND NET ASSETS IN LIQUIDATION
116:   <TABLE>
      <CAPTION>
                                                                                               2001                  2000
<S>                                                                                        <C>                   <C>
Accrued estimated cost of liquidation                            $  760,000       $  760,000
Accounts payable and accrued expenses                         111,934           392,937
Accrued estimated costs related to
  developed lots and buildings sold                                    840,619       1,599,719
Mortgages payable                                                                                             55,000
Customer deposits and advances                                                               266,728
General unsecured subordinated debt -
  minority investors                                                                   432,215      1,734,094
General unsecured debt - Seven Fields
 (DEL), Inc.                                                                              2,114,319     8,462,873



    Total Liabilities                                                                $ 4,259,087  $ 13,271,351

  Net Assets in Liquidation                                                $         0          $          0
</TABLE>
[FN]










                    See Notes To Financial Statements
<PAGE>
                                  SEVEN FIELDS DEVELOPMENT COMPANY
               STATEMENT OF OPERATIONS (GOING CONCERN BASIS)
                  FOR THE THREE MONTHS ENDED APRIL 30, 2000
<TABLE>
<CAPTION>
                                                  2000
<S>                                                                <C>
        Gross Revenue
Rental income                                            $    14,500
Fees & other operating income                       6,967
Water revenue                                                            0
Developed lot and house sales              1,911,703

                                                                   $ 1,933,170

Costs & Expenses
Cost of Developed Lots &
  Houses Sold                                           $ 1,718,673

Cost of Water Assets &
  Office Building Sold                                 $    11,205

Other Operating Expenses*                    $    92,878

General & Administrative Expenses*     $   239,683

Depreciation Expense                              $    16,597

     Operating Income                                 $  (145,866)

Interest Expense*                                          (16)
Interest Income                                          $    16,789

Loss Before Provision
   for Income Taxes                                    $  (129,093)

Provision for Income Taxes                     $    (5,376)

Net Loss                                                      $  (134,469)

Net Loss Per Share,
  Basic and Fully Diluted                           (.04)

Weighted Average Number of Shares      3,484,392
</TABLE>
         [FN]
* See details on following page.

               See Notes To Financial Statements
</PAGE>

                SEVEN FIELDS DEVELOPMENT COMPANY
         STATEMENT OF OPERATIONS (GOING CONCERN BASIS)
              DETAILS OF OTHER OPERATING EXPENSES,
200: GENERAL AND ADMINISTRATIVE EXPENSES, AND INTEREST EXPENSE
           FOR THE THREE MONTHS ENDED APRIL 30, 2000
202: <TABLE>
    <CAPTION>
                                                                     2000
       <S>                                                               <C>
Other Operating Expenses
Payroll, payroll taxes and benefits         $    155,458
Repairs & maintenance                                   50,067
Utilities                                                                  5,240
Insurance                                                           25,050
Property taxes                                                      2,700
Other operating supplies & services            14,121

Total Other Operating Expenses           $    252,636

Less Costs Capitalized To
Development and House Construction    (159,758)

      Net Operating Expenses                    $     92,878

General And Administrative Expenses
Payroll, payroll taxes and benefits         $    105,247
Professional fees                                              32,978
Other general and administrative
  expenses                                                        113,458
Total General and Administrative
  Expenses                                                  $    251,683

Less Expenses Capitalized To
    Development and Construction                (12,000)
Net General and Administrative
      Expenses                                             $    239,683

Interest Expense
  Total Interest Expense                             $      1,216

  Less Interest Capitalized to
    Development and House
    Construction                                                   (1,200)

  Net Interest Expense                                  $         16

                See Notes To Financial Statements
     <PAGE>
         SEVEN FIELDS DEVELOPMENT COMPANY
244:   STATEMENT OF OPERATIONS (GOING CONCERN BASIS)
       FOR THE SIX MONTHS ENDED APRIL 30, 2000
246:

                                                                         2000
256:
Gross Revenue
Rental income                                              $    30,798
Fees & other operating income                         7,980
Water revenue                                                       6,259
Developed lot and house sales                 5,101,030
Sale of water assets & Office building      2,700,000

                                                                       $ 7,846,067

Costs & Expenses
Cost of Developed Lots &
  Houses Sold                                              $ 4,534,490

Cost of Office Building, Water
 Company & Mortgage Sold                       $ 1,323,369

Other Operating Expenses*                        $   208,024

General & Administrative Expenses*        $   518,924

Depreciation Expense                                  $     45,247

     Operating Income                                   $ 1,216,013

Interest Expense*                                           (16)
Interest Income                                             $     47,214

Income Before Provision
   for Income Taxes                                        $1,263,211

Provision for Income Taxes                         $   505,288

Net Income                                                     $   757,923

Net Income Per Share,
  Basic and Fully Diluted                                   .22

Weighted Average Number of Shares         3,484,392
295:
         <FN>
* See details on following page.

               See Notes To Financial Statements
<PAGE>
                SEVEN FIELDS DEVELOPMENT COMPANY
         STATEMENT OF OPERATIONS (GOING CONCERN BASIS)
              DETAILS OF OTHER OPERATING EXPENSES,
294: GENERAL AND ADMINISTRATIVE EXPENSES, AND INTEREST EXPENSE
            FOR THE SIX MONTHS ENDED APRIL 30, 2000
296:

                                                                                     2000
309:
Other Operating Expenses
Payroll, payroll taxes and benefits                         $    324,728
Repairs & maintenance                                                   92,174
Utilities                                                                                 14,461
Insurance                                                                            50,100
Property taxes                                                                       6,215
Other operating supplies & services                             28,631

Total Other Operating Expenses                           $    516,309

  Less Expenses Capitalized To
    Development and House Construction                (308,285)

      Net Other Operating Expenses                        $    208,024

General And Administrative Expenses
Payroll, payroll taxes and benefits                         $    238,144
Professional fees                                                              93,635
Other general and administrative
  expenses                                                                        211,145

Total General and Administrative
  Expenses                                                                  $    542,924

Less Expenses Capitalized To
    Development and Construction                                 (24,000)
Net General and Administrative
      Expenses                                                              $    518,924

Interest Expense
  Total Interest Expense                                            $        7,808

  Less Interest Capitalized to
    Development and House
    Construction                                                                    (7,792)

  Net Interest Expense                                               $         16
335:

                See Notes To Financial Statements
337:  <PAGE>
              SEVEN FIELDS DEVELOPMENT COMPANY
         STATEMENT OF RETAINED EARNINGS
   FOR THE SIX MONTHS ENDED APRIL 30, 2000

</TABLE>
<TABLE>
<S>                                                                 <C>
Retained earnings - beginning                $   7,016,292

Net income for the six month period                757,923

Retained earnings - ending                      $   7,774,215


<PAGE>

































                     SEVEN FIELDS DEVELOPMENT COMPANY
             STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
         FOR THE THREE AND SIX MONTH PERIOD ENDED APRIL 30, 2001


                                                                  Three             Six
                                                                  Months          Months

405:
Net Assets in Liquidation,
  Beginning Balance                             $        0            $               0

Capitalized development & house
  construction costs incurred                 1,820              1,319,145

Cost of lots and houses sold                                       (9,609,606)

Payments on accounts receivable      (4,993)               (620,054)

Cost of equipment, furnishings
  and prepaid items sold                                                   (394,992)

Transfer & reduction of liabilities
         and  customer deposits              278,294              1,025,828

Payoff of remaining mortgage                                               55,000

Normal changes in accounts
   payable and accrued expenses        (12,134)               281,003

Decrease in cash & temporary
         investments                                (5,585,026)              293,243

Distribution to general unsecured
  debtholders                                         5,322,039            7,650,433

Net Assets in Liquidation,
  April 30, 2001                                     $         0                 $        0
435:
<FN>






                  See Notes to Financial Statements
<PAGE>
                   SEVEN FIELDS DEVELOPMENT COMPANY
             CONSOLIDATED STATEMENT OF CASH FLOWS
               FOR THE SIX MONTHS ENDED APRIL 30, 2000
448:
449:
Cash Flows From Operating Activities:
Net income                                                                $   757,923
Provision for deferred income taxes                          505,288
Depreciation                                                                     45,247
Capitalized development costs incurred             (1,122,273)
Capitalized house construction
 costs incurred                                                          (4,234,802)
Cost of lots & houses sold                                      4,394,219
Changes in other assets & liabilities:
 Other assets                                                                (306,469)
 Other liabilities                                                            (175,898)
Net Cash Flows Used In
  Operating Activities                                                $  (136,765)

Cash Flows From Investing Activities:
Additions to property, buildings and
 equipment                                                                  $   (50,207)
Payments on notes receivable                                    121,348
Sale of property, buildings & equipment                1,306,157
Total Cash Flows Provided By
  Investing Activities                                                 $ 1,377,298

Cash Flows From Financing Activities:
Repayment of general unsecured debt               $  (997,884)
Repayment of loans payable                                      (866,970)
Total Cash Flows Used In
  Financing Activities                                                $(1,864,854)

Net Decrease in Cash and
 Temporary Investments                                           $  (624,321)
Cash & Temporary Investments,
 Beginning of Period                                                  $ 1,250,011
Cash & Temporary Investments,
 End of Period                                                               $   625,690

Interest Expense Included in
 Net Income Above                                                      $        16
Interest Paid & Included in Capitalized
 Development & House Construction Costs          $     1,200
Total Interest Paid                                                        $     1,216
474:
491:
     <FN>
               See Notes to Financial Statements
476:   <PAGE>
                  SEVEN FIELDS DEVELOPMENT COMPANY
                       NOTES TO FINANCIAL STATEMENTS
                FOR THE SIX MONTHS ENDED APRIL 30, 2001

Basis of Presentation

The financial statements included herein have been prepared by the
Registrant, without audit, for filing with the Securities and Exchange
Commission pursuant to the rules and regulations of said commission.
The financial information presented herein, while not necessarily
indicative of results to be expected for the year, reflects
adjustments comprising normal recurring accruals which in the opinion
of the Registrant are necessary for the fair statement of the results
for the periods indicated. This financial information should be read
in conjunction with financial statements and notes thereto included in
the Registrant's Annual Report for the two years in the
period ended October 31, 2000.

For comparative purposes certain 2000 amounts have been reclassified
to conform to the presentation adopted in 2001.

Note 1 Organization And Business

Organization Structure, Management, And Objectives

Seven Fields Development Company ("The Company") was formed for the
purpose of merging with Seven Fields Development Corporation ("the
Corporation") which was the surviving entity to a bankruptcy
reorganization effective November 7, 1987 and thereafter carrying on
the business of the Corporation with the
objective of maximizing the value of its assets and effecting a
dissolution and complete liquidation of its business assets and
affairs as soon as practicable. Such liquidation was expected to occur
over an extended period of time, as its assets are sold and developed
in a manner designed to maximize distributions to the Investors as
defined below.  As more fully described below, except for two
remaining commercial parcels, with consummation of the sale of its
remaining residential properties on January 2, 2001, the Company has
developed and disposed of all of its operating assets at October 31,
2000.

The sole trustee of the Company is Seven Fields Management, Inc. which
is also a wholly owned subsidiary of Seven Fields PA.  The directors
and officers of Seven Fields Management, Inc., are the same persons
who were the directors and officers of the Corporation.  The executive
officers of the Company are the same

                    SEVEN FIELDS DEVELOPMENT COMPANY
                       NOTES TO FINANCIAL STATEMENTS
                FOR THE SIX MONTHS ENDED APRIL 30, 2001

Note One (Continued)

persons who were the executive officers of the Corporation.

The Company as survivor of the merger, remains subject to the
Bankruptcy Plan under which the Corporation commenced operations on
November 7, 1987, as is more fully described below.

Business And Operations

The Company's major activities prior to January 2, 2001 were the
development of its undeveloped property located in Seven Fields
Borough, Butler County, PA, and prior to November 1999 the operation
of the municipal water service in Seven Fields Borough.  Prior to
January 1998, the Company also rented townhouses located in Seven
Fields Borough.  Since 1987, the Company sold these townhouses as
individual residences and in January 1998 sold the remaining 65
townhouses in a bulk sale.  All of these activities focus on the
single goal of maximizing the assets of the Company and ultimately
distributing such assets to its Investors in complete liquidation at
the earliest appropriate time.

Since the bankruptcy Reorganization in 1987, the Company has sold four
rental properties, repaid five million dollars of debt other than
Company Debt, and returned approximately $24 million to its Investors
through debt repayments.

Liquidation Plan

On January 2, 2001 the Company consummated the sale of all of its
remaining residential properties at Seven Fields, Butler County,
Pennsylvania and Nevillewood, Allegheny County, Pennsylvania to Hanna
Holdings, Inc. (HANNA).

Effective January 2, 2001, with the consummation of the sale of its
residential real estate assets to HANNA, the Company ceased all
operating activities.  All of its employees except certain officers
and board members terminated their employment with the Company.  All
former employees of the Company were offered employment with HANNA at
the time of this sale.

The above described sale of these remaining residential realty assets
effectively concludes thirteen years of development,




                    SEVEN FIELDS DEVELOPMENT COMPANY
                       NOTES TO FINANCIAL STATEMENTS
                FOR THE SIX MONTHS ENDED APRIL 30, 2001

Note One (Continued)

construction, and disposal followed by repayment to the Company's
debtholders and shareholders with the proceeds of such sales.

With the conclusion of this sale the Company's principal assets
consist of cash and temporary investments which it intends except for
amounts required to be withheld for meeting its other liabilities and
the estimated expenses of liquidation and dissolution, to distribute
to the holders of its general unsecured debt, and two remaining
commercial parcels that it expects to sell during 2001.

The Plan Of Reorganization & The Company Subsequent to November 7, 1987

The Plan on November 7, 1987, transferred 100% ownership of the Debtors
from the four former stockholders to the more than 2,600 Investors,
merged the Debtors into the Company, removed the former shareholders from
having involvement in the management or ownership of the reorganized
company, and required the repayment in full of all debt secured to the
creditors on the same terms then in existence.  The Plan also, despite
assets with a fair market value far less than the obligation of the
Company to the Investors, did not reduce the face amount of the Company's
obligation to those Investors.  The liability to the Investors,
representing 95% of the Investors' claims, remained a general unsecured
debt of the Company and the Company waived discharge of such debt.  These
non-discharged debts are subordinated to any existing liens and
priorities and any future secured debt, and the claimant-creditor, his
heirs, assigns or successors, may not file suit or take any judgement, or
undertake any collection activities.

The general, unsecured debt issued to the Investors bears no interest and
is subordinate to existing and future secured debt of the Company.  As
indicated above, the Plan specified that this debt would be paid as soon
as possible. Since, at October 31, 2000, the Company could reasonably
estimate total funds which will be available to distribute to the holders
of its general unsecured debt, the Company has reduced its general
unsecured debt by $40,022,088 to $10,196,967 in accordance with its



                    SEVEN FIELDS DEVELOPMENT COMPANY
                       NOTES TO FINANCIAL STATEMENTS
                FOR THE SIX MONTHS ENDED APRIL 30, 2001



Note One (Continued)

adoption of the liquidation basis of accounting at October 31, 2000. Upon
liquidation, payment of this general, unsecured debt ranks behind payment
of existing and future secured debt of the Company but before payment to
holders of Company Shares.

The restructuring effected in 1995, on a consolidated basis and at the
parent company level, eliminated 83% of the debt outstanding to Investors
through their exchange of their debt for common stock of Seven Fields
(PA), Inc.

Because of the requirement of retaining proportionality and the priority
of the debt over Company shares, the debt prior to the adoption of the
liquidation basis of accounting at October 31, 2000, has remained
unchanged at the Company level, although 83% of such debt is held by the
Company's parent.

Note 2 Summary of Significant Accounting Policies

As a result of the imminency of complete liquidation, the Company adopted
the liquidation basis of accounting effective October 31, 2000.  This
basis of accounting is considered appropriate when, among other things,
liquidation of a company seems imminent and the net realizable value of
assets are reasonably determinable.  Under this basis of accounting,
assets are valued at their estimated net realizable values and
liabilities are valued at their estimated settlement amounts. The
conversion from the going concern to liquidation basis accounting has
required management to make significant estimates and judgements.  In
order to record assets at estimated net realizable values and liabilities
at estimated settlement amounts under liquidation basis accounting on
October 31, 2000, the Company recorded the following adjustments (1)
recorded estimated net profit from the sale of the remaining residential
real estate to HANNA and the two remaining commercial parcels in the
amount of $476,054, (2) recorded the estimated cost of liquidation and
dissolution in the amount of $760,000, (3) recorded a net reduction in
the Company's general unsecured debt of $40,022,088 to reflect the total
residual amount of funds available for final repayment of such
debt.





                      SEVEN FIELDS DEVELOPMENT COMPANY
                       NOTES TO FINANCIAL STATEMENTS
                FOR THE SIX MONTHS ENDED APRIL 30, 2001

Note Two (Continued)

Additionally, during the fiscal years preceding the adoption of
liquidation basis accounting, the Company has attempted to estimate and
accrue for obligations related to its responsibilities to various
governmental agencies and others relating to its activities as a
developer and home builder.

On December 15, 2000, the Company distributed $2,328,393 to debtholders
and on February 9, 2001, an additional $5,322,040 was distributed. The
latter amount represents substantially all of the proceeds from the HANNA
transaction, except those amounts necessary to fund the Company's
obligations during the liquidation period.

The amount and timing of any future distributions on the debt subsequent
to the distribution of most of the HANNA proceeds will depend upon a
variety of factors including, but not limited to the actual proceeds from
the sale of the two remaining commercial parcels and any other net
assets, the ultimate settlement amount of the Company's liabilities and
obligations, and the actual costs incurred in connection with carrying
out the plan of liquidation.

It is possible, that at some date before the liquidation plan has been
completed that the Company will form a liquidating trust and the
remaining net assets will be transferred to the trust so as to more
efficiently facilitate the plan of liquidation.  If such a liquidating
trust is utilized any assets remaining at the conclusion of the
liquidation plan would be distributed by the trust as a final payment on
the balance of the general unsecured debt.

Use of Estimates

The presentation of the Company's financial statements requires
management to make estimates and assumptions that affect the amounts
reported at the date of the financial statements for assets, liabilities,
revenues and expenses and disclosures of contingencies.  Actual results
could differ from those estimates.  The Company makes significant
estimates related to common area development costs that it expects to
incur in the future, and costs to complete specific subdivision of lots
from which lots are being sold.  In recording the liquidation adjustments
upon adoption of liquidation accounting at October 31, 2000, the







                    SEVEN FIELDS DEVELOPMENT COMPANY
               NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                FOR THE SIX MONTHS ENDED APRIL 30, 2001


Note Two (Continued)

Company's management made significant estimates related to the
disposition of the Company's remaining properties, settlements
of its liabilities and the costs to be incurred upon dissolution.

Financial Condition

Pursuant to an agreement signed in December, 1999, the sale to Hanna
Holdings, Inc. occurred on January 2, 2001, generating gross proceeds of
nearly $6.8 million.  Assets sold included the remaining residential
developed lots for nearly $2.9 million, completed and under construction
dwelling units at Seven Fields and Nevillewood for almost $3.6 million,
and home construction equipment, plans, and prepaid expenses for nearly
$300,000.
The Company paid Hanna Holdings, Inc. over $449,000 for future
development liabilities associated with the lots purchased and forwarded
almost $182,000 for customer deposits on lot and house agreements.
Additionally, selling costs associated with the transaction were over
$67,000.  Therefore, net cash available from the transaction was
approximately $6.1 million.

Pursuant to the same agreement a 40 acre undeveloped parcel south of
Route 228 was sold to Hanna Holdings, Inc. in December, 2000 for $580,000
and a real estate sales center building was sold in the prior fiscal year
of $425,000.

In December, 2000, the Company repaid over $2.3 million of general
unsecured debt and in February 2001, the Company repaid an additional
$5.3 million.

Part II - Item 1     Legal Proceedings

None.











OTHER INFORMATION

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

    (a) Exhibits
              None

    (b) Reports on Form 8-K
         No reports on Form 8-K were filed during the
                 quarter ended April 30, 2001.




                                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.





Seven Fields Development Company


Date: June 11, 2001

By:  PAUL VOYTIK, PRESIDENT
   Paul Voytik, President



Date: June 11, 2001

By: LYNN HOFFMAN-KYLE, CHIEF FINANCIAL OFFICER
   Lynn Hoffman-Kyle, Chief Financial Officer



</TABLE>