The weird thing about this story is that the circus of the title is actually a brothel that moves from town to town like a circus, including an introductory parade through town. The majority of the story is focused on presenting the various prostitutes, including some backstory. It eventually wraps around to a hermaphrodite that gets seduced by a different hermaphrodite and goes from there.

(Heavy Metal issue #64, July 1982 – Page 33 Life at the Circus by Marcele and Lacome)