How to Dynamically create instances?

I currently have multiple lists and I wish to dynamically create class instances based on the data in this lists.

The class is as fallows:

public class itemFav
{
    public string FavsGTS { get; set; }
    public string FavsGPICS { get; set; }
    public string FavsRNS { get; set; }
    public string FavsPIS { get; set; }
    public string FavsIsOns { get; set; }

}

I'm not sure if it's possible or how its properly done, but I wish to do something like this:

public int itemCount { get; set; }
public dynamic items = new List<dynamic>();

foreach(string item in list1)
{
    itemCount = 0 + items.Count;

    //Here it would create the instances. 
    itemFav instance+itemCount = new itemFav()
    {
        FavsGTS = list1[itemCount],
        FavsGPICS = list2[itemCount],
        FavsRNS = list3[itemCount],
        FavsPIS = list4[itemCount],
        FavsIsOns = list5[itemCount]
    }; 

    items.Add(instance+itemCount);
}

The instance+itemCount is what I would like to know if there is a way to do. Or what is the correct way to dynamically create class instances.