TemplateDoesNotExist: 500.html error when trying to run server

I am a beginner working through the Django tutorial. When I try to
run the development server at http://127.0.0.1:8000/, I get a
TemplateDoesNotExist: 500.html error.
I have no problems linking to http://127.0.0.1:8000/admin,
however. Whats going on?

Here is what I get when I try to run the server :

^CMacintosh:mysite mroy$ python2.6 manage.py runserver
Validating models...
0 errors found

Django version 1.1.1, using settings 'mysite.settings'
Development server is running at http://127.0.0.1:8000/
Quit the server with CONTROL-C.

Traceback (most recent call last):

File "/sw/lib/python2.6/site-packages/django/core/servers/
basehttp.py", line 279, in run
self.result = application(self.environ, self.start_response)

File "/sw/lib/python2.6/site-packages/django/core/servers/
basehttp.py", line 651, in __call__
return self.application(environ, start_response)

File "/sw/lib/python2.6/site-packages/django/core/handlers/wsgi.py",
line 241, in __call__
response = self.get_response(request)

File "/sw/lib/python2.6/site-packages/django/core/handlers/base.py",
line 122, in get_response
return self.handle_uncaught_exception(request, resolver,
sys.exc_info())

File "/sw/lib/python2.6/site-packages/django/core/handlers/base.py",
line 166, in handle_uncaught_exception
return callback(request, **param_dict)

File "/sw/lib/python2.6/site-packages/django/views/defaults.py",
line 23, in server_error
t = loader.get_template(template_name) # You need to create a
500.html template.

File "/sw/lib/python2.6/site-packages/django/template/loader.py",
line 81, in get_template
source, origin = find_template_source(template_name)

File "/sw/lib/python2.6/site-packages/django/template/loader.py",
line 74, in find_template_source
raise TemplateDoesNotExist, name

TemplateDoesNotExist: 500.html

I am using python2.6 and Django version 1.1. What's wrong? I
apologize for this newbie question. Would really appreciate some
help.

Thanks,
Meenakshi

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