Following the first trailer that debuted back in June, Fox Searchlight Pictures has released the second trailer for Mistress America through Yahoo! Movies. This dramatic comedy marks the latest collaboration between actress Greta Gerwig and writer-director Noah Baumbach, who both co-wrote the script, following their indie hits Greenberg and Frances Ha. Mistress America also features newcomer Lola Kirke in what could be a breakout performance.

In Mistress America, Tracy (Lola Kirke) is a lonely college freshman in New York, having neither the exciting university experience nor the glamorous metropolitan lifestyle she envisioned. But when she is taken in by her soon-to-be stepsister, Brooke (Greta Gerwig) - a resident of Times Square and adventurous gal about town - she is rescued from her disappointment and seduced by Brooke's alluringly mad schemes. Greta Gerwig and Noah Baumbach also produce with Scott Rudin, Lila Yacoub and Rodrigo Teixeira.

RELATED: Mistress America Trailer Starring Greta Gerwig & Lola Kirke

Juliet Brett, Michael Chernus, Cindy Cheung, Shana Dowdeswell, Joel Garland, Charlie Gillette, Rebecca Henderson and Jasmine Cephas Jones round out the supporting cast. Mistress America will be going up against some steep competition at the box office, opening against Straight Outta Compton and The Man from U.N.C.L.E. when it hits theaters on August 14. Mistress America is only slated to open in limited release next weekend, but we'll keep you posted if Fox Searchlight decides to expand to movie theaters nationwide.

Greta Gerwig also starred on an episode of IFC's Portlandia this year, and she also provides the voice of Pony Merks in China, IL. The actress also has projects such as Maggie's Plan and Wiener-Dog in post-production. It isn't known yet if the actress-writer is developing another project with Noah Baumbach at this time, but this will be the filmmaker's second comedy movie released this year, following While We're Young.

Take a look at the trailer below featuring new footage from Mistress America before heading to the theaters next weekend. Do you think this comedy has what it takes to put up some big box office numbers in limited release? Be sure to check out our box office report in two weeks to find out how Mistress America fares.