diff --git a/src/towncrier/newsfragments/538.bugfix b/src/towncrier/newsfragments/538.bugfix
new file mode 100644
index 00000000..3a6fbf34
--- /dev/null
+++ b/src/towncrier/newsfragments/538.bugfix
@@ -0,0 +1 @@
+``build`` now treats a missing fragments directory the same as an empty one, consistent with other operations.