Analyses of relativistic galactic cosmic ray intensity variations have been conducted to determine the nature of the modulations that are related to the presence of corotating interaction regions (CIR) in interplanetary space. The corotating interaction regions have been identified from the plasma and field observations recorded by Pioneer 10 and 11 spacecrafts during the period 1972--1974. This investigation has established that the nucleonic intensity recorded at the polar stations Thule and McMurdo decreases as the streams associated with the CIR overtake the earth. However, this modulation occurs only for those CIR-associated streams in which a neutral sheet is imbedded. In contrast, geomagnetic storms are related to CIR streams with or without neutral sheets. Taken together, these results suggest that the ostensible effect of CIR'S on the intensity of high-energy particles is primarily a consequence of drifts related to neutral sheets, although diffusion effects cannot be ruled out at this stage.