We demonstrate a double-clad fiber laser that incorporates a pump-light absorbing coaxially located Tm(3+)-doped outer core that reaches threshold and resonantly pumps an Ho(3+)-doped inner core. Under cw diode pumping, the output from the laser displays a pulse modulated behavior at wavelengths corresponding to the Tm(3+) transition and short gain switched pulses from the Ho(3+) core that have mode-locked characteristics. The Ho(3+) and Tm(3+) fiber lasers simultaneously produced 1.5 W across 2040-2140 nm and operate at a pulse repetition frequency of approximately 80 kHz and at pulse widths as short as 330 ns.