A pair of annular magnets (10) generate a vertical magnetic flux field through an imaging volume (12) . The flux is focussed by a pair of Rose rings (26) of high cobalt steel. A high order shim set includes a plurality of permanently magnetized or magnetized iron rings (32a, 32b, 32c, 32d) which cooperatively interact with the magnet assembly to optimize the homogeneity of the magnetic flux through the imaging volume. One of the permanent magnetic rings (32d) , is mounted with an opposite polarity relative to the others. The magnetized rings are mounted in a non-ferrous, electrically insulating support structure (34) such that gradient coils (50) can be positioned behind the permanent magnet rings. A flux return path (14, 16, 18, 20, 22, 24) provides a low flux resistant path from adjacent the Rose ring at one side of the imaging volume remotely around the imaging volume to a position adjacent the Rose ring at the other side of the imaging volume.