$my_portfolio_1 = array(
    'post_title' => 'Portfolio Example 1',
    'post_content' => $portfolio_content_1,
    'post_status' => 'publish',
    'post_author' => 1,
    'post_type' => 'portfolio'
);

$this_portfolio_id_1 = wp_insert_post( $my_portfolio_1 );

update_post_meta( $this_portfolio_id_1, "featured_portfolio_item", "1" );
wp_set_post_terms( $this_portfolio_id_1, $array('friendly', 'premium', 'themes', 'wordpress'), 'type', true );