The Parachute Adams is quite easily one of the most tied and fished dry flies on the planet.  There is a reason for this, and that is that it flat out just works.  The reason it is so effective is it fishes extremely effective during multiple hatches due to the neutral color tone.  All you have to do is change the size of the fly to match most any Mayfly pattern and this fly will work.  This is why it is easily one of the most sought after patterns to tie and fish. 

Materials List:

Hook: Moonlit ML052 sz14

Thread: Semperfli Classic Waxed 12/0 Steel

Tail: Hends Micro Fibbets Rusty

Body: Natures Spirit Muskrat Grey Turkey Biot

Thorax: Semperfli Kapok Dubbing Adams

Wing Post: Semperfli Hi Float Fibers Orange

Hackle: Whiting Grizzly Dyed Coachman Brown ( I use this instead of using a brown and Grizzly)