We consider a fluid queue fed by multiple on-off flows with heavy-tailed (regularly varying) on-periods. Under fairly mild assumptions, we prove that the workload distribution is asymptotically equivalent to that in a reduced system. The reduced system consists of a dominant subset of the flows, with the original service rate subtracted by the mean rate of the other flows. We describe how a dominant set may be determined from a simple knapsack formulation. We exploit a powerful intuitive argument to obtain the exact asymptotics for the reduced system. Combined with the reduced-load equivalence, the results for the reduced system provide an asymptotic characterization of the buffer behavio