<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-11-08</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001269871</issuerCik>
        <issuerName>PHYSICIANS FORMULA HOLDINGS, INC.</issuerName>
        <issuerTradingSymbol>FACE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001379834</rptOwnerCik>
            <rptOwnerName>Jaeger Joseph J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>PHYSICIANS FORMULA HOLDINGS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1055 WEST 8TH STREET</rptOwnerStreet2>
            <rptOwnerCity>AZUSA</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>91702</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Financial Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $.01 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>37500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.10</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-03-08</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, $.01 par value</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>37500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On March 8, 2004, the reporting person was granted an option to purchase 75,000 shares of common stock.  The option vests in four equal annual installments starting on the first anniversary date of the grant.  On January 1, 2006, the reporting person exercised the option with respect to 18,750 shares of common stock, and on March 8, 2006, the reporting person exercised the option with respect to 18,750 shares of common stock.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Joseph J. Jaeger</signatureName>
        <signatureDate>2006-11-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
