The goal of this paper is to describe a novel fault tolerant tracking control (FTTC) strategy based on robust fault estimation and compensation of simultaneous actuator and sensor faults. Within the framework of fault tolerant control (FTC) the challenge is to develop an FTTC design strategy for nonlinear systems to tolerate simultaneous actuator and sensor faults that have bounded first time derivatives. The main contribution of this paper is the proposal of a new architecture based on a combination of actuator and sensor Takagi-Sugeno (T-S) proportional state estimators augmented with proportional and integral feedback (PPI) fault estimators together with a T-S dynamic output feedback control (TSDOFC) capable of time-varying reference tracking. Within this architecture the design freedom for each of the T-S estimators and the control system are available separately with an important consequence on robust $L_2$ norm fault estimation and robust $L_2$ norm closed-loop tracking performance. The FTTC strategy is illustrated using a nonlinear inverted pendulum example with time-varying tracking of a moving linear position reference.