EXHIBIT 31.01

                    Rule 13a-14(a)/15d-14(a) Certification

I, Kenneth E. Steben, Chief Executive Officer of Steben & Company, Inc., the
General Partner of Futures Portfolio Fund Limited Partnership, certify that:

     1.   I have reviewed this Quarterly Report on Form 10-Q of Futures
          Portfolio Fund Limited Partnership;

     2.   Based on my knowledge, this report does not contain any untrue
          statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances
          under which such statements were made, not misleading with respect
          to the period covered by this report;

     3.   Based on my knowledge, the financial statements, and other financial
          information included in this report, fairly present in all material
          respects the financial condition, results of operations and cash
          flows of the registrant as of, and for, the periods presented in
          this report;

     4.   The registrant's other certifying officer(s) and I are responsible
          for establishing and maintaining disclosure controls and procedures
          (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the
          registrant and have:

            (a)  Designed such disclosure controls and procedures, or caused
                 such disclosure controls and procedures to be designed under
                 our supervision, to ensure that material information relating
                 to the registrant, including its consolidated subsidiaries, is
                 made known to us by others within those entities, particularly
                 during the period in which this report is being prepared;

            (b)  Evaluated the effectiveness of the registrant's disclosure
                 controls and procedures and presented in this report our
                 conclusions about the effectiveness of the disclosure controls
                 and procedures, as of the end of the period covered by this
                 report based on such evaluation; and

            (c)  Disclosed in this report any change in the registrant's
                 internal control over financial reporting that occurred during
                 the registrant's most recent fiscal quarter (the registrant's
                 fourth fiscal quarter in the case of an annual report) that has
                 materially affected, or is reasonable likely to materially
                 affect, the registrant's internal control over financial
                 reporting; and

     5.   The registrant's other certifying officer and I have disclosed,
          based on our most recent evaluation of internal control over
          financial reporting, to the registrant's auditors and the audit
          committee of the registrant's board of directors (or persons
          performing the equivalent functions):

            (a)  All significant deficiencies and material weaknesses in the
                 design or operation of internal control over financial
                 reporting which are reasonably likely to adversely affect the
                 registrant's ability to record, process, summarize and report
                 financial information; and


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            (b)  Any fraud, whether or not material, that involves management or
                 other employees who have a significant role in the registrant's
                 internal control over financial reporting.

Date:  May 13, 2005



Futures Portfolio Fund Limited Partnership
By:  Steben & Company, Inc.
General Partner



By:   /s/ Kenneth E. Steben
      ----------------------------------------------
      Kenneth E. Steben
      Chief Executive Officer of the General Partner



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