After Updating to 3.3.1 I can't creat new portfolios

Is “portfolio” a custom post type that was created by a theme? If so, was it part of the theme or was it a custom edit to a theme file’s functions.php?

If you edit a theme’s functions.php file and then update the theme, any custom coding added to the file will be gone. If that held custom post types or anything else….it’s gone.

That’s why if you’re adding custom functionality to someone else’s theme (one that you download and can update later), you should also put those customizations into a plugin rather than the functions.php file.