Functional Logic Programming (FLP) is a paradigm that extends higher-order functional programming with nondeterministic choice, logical variables, and equational constraints. Starting from the observation that these constructs can be presented as algebraic effects, we rationally reconstruct a core calculus for FLP that is based on call-by-push-value, and supports higher-order functions and recursion. We show how to execute its programs through an abstract machine that implements narrowing. Finally, we present a domain-theoretic semantics based on the lower powerdomain, which we prove to be sound, adequate, and fully abstract with respect to the machine. This leads to an exploration of the limitations of domain theory in modelling FLP.