Back in the glory days of World War II, Captain America, Namor the Sub-Mariner, and the Original Human Torch are shown pouncing over a German war ship. Destroying the engines, crushing the weapons, the three heroes single-handedly brought the ship crew and ship itself into English port, striking a major victory to the Allied cause.

Meanwhile, in the heartland of the Third Reich itself, Baron von Strucker leaves his Nazi post for a brisk stroll while his colleagues argue about the capture of Deutschland (as seen in the above paragraph). Arriving in a small-time German warehouse, von Strucker uncovers the hideous Red Skull waiting on him. Striking an intimidating conversation, the Baron's right hand man comes rushing in, not knowing that his mentor was talking to one of the most feared men in all of Nazi Germany. Threatning death, the aid quivers while von Strucker ponders if the Skull was on to his plan to escape from the Reich and start his own mercenary force... HYDRA.

An above-water-level German sub rests during the night, as Namor storms in -- bringing the submarine to it's very knees. Uncovering a top-secret German transmission, "An U-62: Treffen mit dem Drachen Knotenpunkt Alpha" ("Meet the Dragon at Point Alpha"), Namor demands to know where 'Point Alpha' is -- but the only surviving Nazi Captain denies to tell. Quick to take poison, all that Namor is left with is a small ring with a mysterious symbol on it... the future symbol of HYDRA itself.

Next thing we know, someone is telling the origin of Namor McKenzie, of how his parents met, and had a child. All the way up to him joining the Invaders -- and then we flash to Washington DC, where two private investigators are asking one of Namor's closest friends -- a U.S. Navy female -- questions involving him. Switching back over to the main story, the Human Torch spots a Nazi jet zooming over the Atlantic. Out maneuvering even him in the air, we learn the pilots of this amazing new ship: Baron von Strucker and his goofy aid. Puzzled, the 'Torch figures out that the plane is moving... faster than sound? In 1942?

Once again the origin of a certain Invader is revealed, this time Jim Hammond -- the Original Human Torch. Back in Washington, the duo of investigators are discussing the hero's past with Professor Horton -- the Human Torch's creator. He storms out disgusted after a few questions, however, and we flash over to Captain America...

Crashing a Nazi party, Cap manages to defeat the armed Reichmen with nothing but a shield on his side, and he uncovers more secret Nazi undercover transcripts... and whatever they may be, it's bad news. A quick run down of Steve Roger's early days later, a U.S. Army General talks with those off-again-on-again investigators, before we move to the Pacific Ocean...

... Where a dragon comes out of the sea itself. Von Strucker and his aid manage to fly into it's mouth, the right hand man screaming all the way in. Once inside, it turns out that the beast is in fact an under-water base made for the HYDRA forces, ready and waiting to rival Japan for control of the Far East.

And hey, we finally learn those goofy investigators purpose! It seems they have been gathering information on the Invaders to see if they were ready for the mission that was about to be given to them:

It appears a 'Phantom Submarine' of sorts has been attacking American AND Japanese ships in the Pacific, so the two governments -- though in war -- teamed a small unit of men to investigate a small island in the Pacific Tropicals. The unit was captured, and exectuted -- all but Captain Simon Savage and a strong, noble Japanese commandor. They manages to escape and get word back to their governments about HYDRA -- so the enemy anti-force destroyed the island to hide their tracks. Supposedly a small American vessel saw and took pictures of a giant military base built under water -- with a Dragon for a head and miles of space to store almost anything. Believed to be HYDRA'S, the government wants the Invaders to go and sink this ship... and to bring in whoever was in charge of HYDRA back to the mainland. A large task indeed... and three against an army of untold thousands?

In the Dragon Base, it is revealed that HYDRA is making plans for an Atomic Bomb, years before America invented it -- and all they need are the supplies. But how does von Strucker know of this? As the issue ends, he sets his reading material down, and those books are as follows --

"The Manhattan Project", "The Rise and Fall of the Third Reich", and "The 1950's: A Look Back". All books made years after von Strucker's time... so how in God's name did HE get them?