Drain the fruit: Place the canned pineapple and mandarin oranges in a fine mesh strainer over a bowl. Let them drain for at least 15 minutes to remove all excess liquid.
Beat the cream cheese: In a large mixing bowl, beat the softened cream cheese with a hand mixer on medium speed until completely smooth and free of lumps.
Create the base: Add the dry pudding mix and vanilla extract to the cream cheese. Beat until combined. Gently fold in the thawed whipped topping using a silicone spatula until the mixture is uniform.
Add the fruit: Gently fold the drained pineapple, mandarin oranges, fresh strawberries, and sliced bananas into the cream cheese mixture.
Finish the salad: Fold in the miniature marshmallows and shredded coconut until evenly distributed.
Chill: Cover the bowl tightly with plastic wrap and refrigerate for at least 1 hour before serving to let the flavors meld and the marshmallows soften.