How do I save/serialize a custom class to the settings file?

I have a small class that holds two strings as follows:

    public class ReportType
    {
        private string displayName;
        public string DisplayName
        {
            get { return displayName; }
        }

        private string reportName;
        public string ReportName
        {
            get { return reportName; }
        }

        public ReportType(string displayName, string reportName)
        {
            this.displayName = displayName;
            this.reportName = reportName;
        }
    }

I want to save an instance of this class to my settings file so that I can do the following:

ReportType reportType = Settings.Default.SelectedReportType;

Googling seems to suggest that it is possible but there doesn't appear to be a clear guide anywhere for me to follow. I understand that some serialization is required but don't really know where to begin. Also, when I go into the Settings screen in Visual Studio and click "browse" under the Type column there is no option to select the current namespace which contains the ReportType class.