Here's a letter I got from and sales agent and ad manager back in the 70's.
I was the H&R sales agent & ad manager back in the late 70's time span. Your Ultra Rifle sounds like it was one of the rifles built on an FN action with a Sako fully adjustable trigger & floor plate assembly. H&R bought the actions, used Fajen stocks (farmed out checkering to a couple of ladies who worked in the H&R Plant) and H&R Mated the Douglas air Gauge barrels into the Actions once they shipped in and orders were placed for them. I had a Sako Ultra Mannlicher-stocked 7 mm Remington Magnum on loan from the factory. Handsome gun if you like the extreme stock styling. Dumb chambering - gun was a 20" carbine. Shortly before I started working for them, the deal with Sako for their actions fell through, and H&R started using the Yugoslavian Zavasta Mauser (true '98 actions.) Your gun is far superior, at least as far as the action & Barrel is concerned, as you already Know Nothing Trump's a Belgium Made action made by FN Mated with an adjustable Sako Trigger assembly, & Douglas air Gauged custom sporter barrel. All these guns were virtually custom made at H&R, and total production of all Ultras was very, very low. They were built in small batches and usually sat in inventory until an order came in. Personally I never cared for the styling of the wood, and in 1980 - I think - they came out with an additional "Classic" model. These guns didn't last long because H&R went belly up in the early 80's. Hope this is of some help.
The H&R Ultra-Rifle. Made in 1967 in house at the H&R factory. The Gun has a Fagen Aristocrat stock on it that ladies in the H&R Plant hand checked. Its action was made by FN of Belgium and it is mated to a Sako fully adjustable trigger that adjusts for Creep and Tension. The Pencil sporter style barrel was made by Douglas custom barrels and is an air gauged barrel. This gun will shoot one ragged hole at the 100 Yard line if I do my part right when shooting it. I found a person on the Internet that used to be the sales guy for H&R and he shared with me about these very low Production high end rifles.
I think the supreme accuracy of the H&R Ultra rifle can be placed on the Douglas air gap Barrels that they used. There is little known information out there on these guns, and from what I have been told there were very few made up and sold. I am very Pleased with the one I got it shoots awesome. Another rifle that never grew famous but had wicked accuracy is the Ithaca LSA rifles. They were manufactured by Tikka of Finland a division of Sako, Then Imported to the U.S. I have had a half dozen of them in my life and should have kept one. I did have one in 6 MM that was one of my Favorites. The days of these High quality guns are long gone but if you keep your eyes open you can still find some out there. The gun shop that had my H&R Ultra had No Clue of what they really had and I wasn't about to educate them. For what I paid the Early Vintage Leupold scope was worth the sale of the gun. Regards, Hammerdown
Your Ultra Rifle sounds like it was one of the rifles built on an FN action with a Sako fully adjustable trigger & floor plate assembly. H&R bought the actions, used Fajen stocks (farmed out checkering to a couple of ladies who worked in the H&R Plant) and H&R Mated the Douglas air Gauge barrels into the Actions once they shipped in and orders were placed for them. I had a Sako Ultra Mannlicher-stocked 7 mm Remington Magnum on loan from the factory. Handsome gun if you like the extreme stock styling. Dumb chambering - gun was a 20" carbine. Shortly before I started working for them, the deal with Sako for their actions fell through, and H&R started using the Yugoslavian Zavasta Mauser (true '98 actions) Your gun is far superior, at least as far as the action & Barrel is concerned, as you already Know Nothing Trump's a Belgium Made action made by FN mated with an adjustable Sako Trigger assembly, & Douglas air Gauged custom sporter barrel. All these guns were virtually custom made at H&R, and total production of all Ultras was very, very low. They were built in small batches and usually sat in inventory until an order came in. Personally I never cared for the styling of the wood, and in 1980 - I think - they came out with an additional "Classic" model. These guns didn't last long because H&R went belly up in the early 80's. Hope this is of some help."
If I remember right, H&R imported Sako and FN actions for their "Ultra" series. I don't remember if they came barreled or not. H&R supposedly did the wood work and final finishing. 
