This invention relates to a parachute supported aircraft having a frame and a seat for supporting at least a pilot. A parachute is coupled to the frame by a plurality of riser lines for allowing the parachute to inflate and form a wing for lifting the frame. A pair of upwardly extending masts are coupled to the frame. Each mast supports a vertically displaceable sleeve receiving a group of riser lines. Control cables connected to a winch raise and lower the sleeves to allow the pilot to selectively collapse and inflate the wing in a controlled fashion. A wing elevating cord can be used by the pilot to help pull the parachute from a generally vertical, partially inflated, lockout position into a generally horizontal, more inflated, flight position.