An aluminum-copper-magnesium alloy having ancillary additions of lithium. The alloy composition includes from about 3 to about 5 weight percent Cu, from about 0.5 to about 2 weight percent Mg, and from about 0.01 to about 0.9 weight percent Li. The combined amount of Cu and Mg is maintained below a solubility limit of the aluminum alloy. The alloys possess improved combinations of fracture toughness and strength, and also exhibit good fatigue crack growth resistance.