diff --git a/eng/Versions.props b/eng/Versions.props
index 810a54d1aadfea..9859a795160899 100644
--- a/eng/Versions.props
+++ b/eng/Versions.props
@@ -1,14 +1,14 @@
 <Project>
   <PropertyGroup>
     <!-- The .NET product branding version -->
-    <ProductVersion>7.0.0</ProductVersion>
+    <ProductVersion>7.0.1</ProductVersion>
     <!-- File version numbers -->
     <MajorVersion>7</MajorVersion>
     <MinorVersion>0</MinorVersion>
-    <PatchVersion>0</PatchVersion>
+    <PatchVersion>1</PatchVersion>
     <SdkBandVersion>7.0.100</SdkBandVersion>
     <PackageVersionNet6>6.0.11</PackageVersionNet6>
-    <PreReleaseVersionLabel>rtm</PreReleaseVersionLabel>
+    <PreReleaseVersionLabel>servicing</PreReleaseVersionLabel>
     <PreReleaseVersionIteration>
     </PreReleaseVersionIteration>
     <!-- Set assembly version to align with major and minor version,