Direct inspection of the usual expressions for describing solar modulation as a function of particle parameters shows that changes in the form of the modulating function will result in a rigidity‐dependent phase lag or ‘hysteresis’ near solar minimum. As a means of investigating any such changes in modulation, regression analysis is performed among three groups of cosmic‐ray particles: (a) 50–100 Mev/nucleon protons and helium nuclei, (b) the integral intensity of protons with kinetic energies>450 Mev, and (c) particles contributing to the neutron intensity at Climax. The analysis is for the period from mid‐1963 to mid‐1966. These analyses reveal no evidence for any hysteresis before and after solar minimum and set an upper limit of ±0.09 for the fractional deviation of the flux of 50–100 Mev protons from a single valued relation with respect to the Climax neutron intensity and ±0.02 for that of protons>450 Mev. Since the absolute fluxes of these protons vary over a range of more than 36% and 16%, respectively, in this time interval this implies that any changes in the modulating function at low rigidities (<3 Gv) with respect to high rigidities (∼8 Gv) are less than 20% near solar minimum. This conclusion is discussed with respect to other recent observations of