We identify the various physical mechanisms in low frequency fluctuations, which occur when a semiconductor laser is subject to moderate optical feedback while operating close to its solitary laser threshold. In attempting to reach the maximum gain mode, which often is stable, the system forms short mode-locked pulses. In between pulses mode-slipping can occur, generally in the direction of maximum gain. Inevitably, the trajectory passes too close to one of the many saddle points, which will take the system back to the solitary laser state.< <ETX xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">></ETX>