FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * DAILEY MARK D   2. Issuer Name and Ticker or Trading Symbol FLOWSERVE CORP [FLS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) VP and Chief Compliance Office (Last) (First) (Middle) 5215 N. O'CONNOR BLVD., SUITE 2300 3. Date of Earliest Transaction (Month/Day/Year) 07/15/2006 (Street) IRVING, TX 75039 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock ($1.25 par value per share) 07/15/2006   F   309 D $ 53 27,073 D   Common Stock ($1.25 par value per share)               10,580 I Rabbi Trust Common Stock ($1.25 par value per share)               119.86 I 401(k)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (right-to-buy)

$ 22.9

(1)

07/15/2014

Common Stock

6,000

6,000

D

Stock Option (right-to-buy)

$ 19.15

(2)

07/17/2013

Common Stock

8,000

8,000

D

Stock Option (right-to-buy)

$ 24.84

(2)

07/17/2012

Common Stock

8,000

8,000

D

Stock Option (right-to-buy)

$ 27.12

(2)

07/18/2011

Common Stock

8,000

8,000

D

Stock Option (right-to-buy)

$ 17.81

(2)

08/22/2010

Common Stock

7,400

7,400

D

Stock Option (right-to-buy)

$ 16.06

(2)

09/10/2009

Common Stock

7,500

7,500

D

Stock Option (right-to-buy)

$ 30.95

(3)

07/13/2015

Common Stock

16,500

16,500

D

Stock Option (right-to-buy)

$ 48.17

(4)

02/15/2016

Common Stock

12,000

12,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
DAILEY MARK D 5215 N. O'CONNOR BLVD., SUITE 2300 IRVING, TX 75039			VP and Chief Compliance Office

Signatures

/s/ Tara D. Mackey, attorney in fact		07/19/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	4,000 option shares are vested and exercisable and the remaining 2,000 option shares vest on July 15, 2007.
(2)	The option shares are fully vested and exercisable.
(3)	5,500 option shares are vested and exercisable and the remaining 11,000 option shares vest in two equal annual installments on July 14, 2007 and July 14, 2008.
(4)	The option shares vest and become exercisable in three equal annual installments on February 16, 2007, February 16, 2008 and February 16, 2009.

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