Ownership Submission
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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(Print or Type Responses)
1. Name and Address of Reporting Person *
BEALL ANDREW J
  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 & Pres. Flow Solutions Div.
(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   662 D $ 53 28,486 D  
Common Stock ($1.25 par value per share)               10,863.77 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) $ 30               (1) 10/23/2007 Common Stock 4,000   4,000 D  
Stock Option (right-to-buy) $ 18.5               (1) 11/02/2008 Common Stock 2,300   2,300 D  
Stock Option (right-to-buy) $ 17               (1) 08/02/2009 Common Stock 4,533   4,533 D  
Stock Option (right-to-buy) $ 17.81               (1) 08/22/2010 Common Stock 3,800   3,800 D  
Stock Option (right-to-buy) $ 27.12               (1) 07/18/2011 Common Stock 2,500   2,500 D  
Stock Option (right-to-buy) $ 24.84               (1) 07/17/2012 Common Stock 3,000   3,000 D  
Stock Option (right-to-buy) $ 19.15               (1) 07/17/2013 Common Stock 9,000   9,000 D  
Stock Option (right-to-buy) $ 22.9               (2) 07/15/2014 Common Stock 7,500   7,500 D  
Stock Option (right-to-buy) $ 24.9               (3) 02/16/2015 Common Stock 10,000   10,000 D  
Stock Option (right-to-buy) $ 30.95               (4) 07/13/2015 Common Stock 12,500   12,500 D  
Stock Option (right-to-buy) $ 27.56               (5)   (6) Common Stock 2,280   2,280 D  
Stock Option (right-to-buy) $ 26.5               (7)   (6) Common Stock 1,667   1,667 D  
Stock Option (right-to-buy) $ 48.17               (8) 02/15/2016 Common Stock 14,000   14,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BEALL ANDREW J
5215 N. O'CONNOR BLVD., SUITE 2300
IRVING, TX 75039
      VP & Pres. Flow Solutions Div.  

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) The option shares are fully vested and exercisable.
(2) 5,528 option shares are vested and exercisable and the remaining 1,972 shares vest on July 15, 2007.
(3) 3,334 option shares are vested and exercisable and the remaining 6,666 shares vest in two equal annual installments on February 16, 2007 and February 16, 2008.
(4) 4,167 option shares are vested and exercisable and the remaining 8,333 option shares vest as follows: 4,166 shares on July 14, 2007 and 4,167 shares on July 14, 2008.
(5) For purposes of Section 16(a), upon shareholder approval of the required stock compensation plan amendments, extension of the term of the option will result in a deemed cancellation of the old grant and the grant of a replacement option. However, for purposes of Section 409(A) of the Internal Revenue Code of 1986, such extension will not be deemed to involve a cancellation or new grant. The option was originally granted on October 19, 1995 and is fully vested and exercisable.
(6) As a result of certain tax considerations discussed in the Issuer's Form 8-K dated December 14, 2005, the option extensions as disclosed in the original Form 4 report have been partially rescinded so that they continue only until the later of (i) 30 days after the options first become lawfully exercisable after the expiration of the securities trading limitations currently applicable to the Issuer's stock option programs or (ii) in the case of option which expire in 2006 under their terms in effect as originally granted, the later of December 31, 2006 or two and one-half months after the date of their respective original expiration dates.
(7) For purposes of Section 16(a), upon shareholder approval of the required stock compensation plan amendments, extension of the term of the option will result in a deemed cancellation of the old grant and the grant of a replacement option. However, for purposes of Section 409(A) of the Internal Revenue Code of 1986, such extension will not be deemed to involve a cancellation or new grant. The option was originally granted on October 23, 1996 and is fully vested and exercisable.
(8) The option shares vest and become exercisable in three annual installments as follows: 4,667 shares on February 16, 2007; 4,666 shares on February 16, 2008 and 4,667 shares on February 16, 2009.

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