Between reality and dreams, somewhere in the Italian countryside, a young boy watches behind his window, the raising of a circus. Through his eyes, we observe the fragmentary performance-acts of clowns. Then, with a cut, the boy has become the director, Fellini, who is filming a television homage, on the last of an endangered artistic echelon. Along with his associate, from circus to circus and city to city, he meets “real” and “imaginary” Pagliacci. Right in front of our eyes, Fellini constructs a film, presented as a neurotic, elliptical, documentary, on the otherworldly virtuosity of gags. In reality though, this is yet another chapter in the Maestro’s book of self-fiction—who orgasmically rearranges, the forms of his fantasy; disguised as a circus illusionist.