In Italy, dancers Pippo (Marcello Mastroianni) and Amelia (Giulietta Masina) — once famous for their impersonations of Fred Astaire and Ginger Rogers — reunite to perform one last ballroom routine on the TV show “We Are Proud to Present.” Now both show biz has-beens, Pippo and Amelia are billed alongside a veritable circus sideshow of dwarfs and celebrities. Soon the aging dancers take to the stage and transform the vulgar spectacle into a magical re-imagining of 1930s Hollywood.