。
She has a photograph.
Literal
She [topic-は] photograph [object-を] is-having.
写真を持っている — she possesses a photograph. A simple possession sentence using 持つ (to hold/have) with ~ている for the ongoing state. Without context, this could mean she has a photo of herself, of someone else, or as evidence — the vagueness is itself natural Japanese, where context fills gaps.