Siobhan is making banana pudding. The recipe calls for 2 1/4 cups of heavy whipping cream and 14 1/2 ounces of sweetened condensed milk. The recipe makes 12 servings; Siobhan wants to reduce the recipe so that it only makes 4 servings. How much milk and cream will she need? Express the answers in simplest form.

To find the amount of cream and milk needed for 4 servings, we divide the original amount by 12 and multiply by 4.

For cream:
2 1/4 cups / 12 * 4 = 3/2 * 1/12 * 4 = 3/2 * 1/3 = 3/6 = 1/2 cup.

For milk:
14 1/2 ounces / 12 * 4 = 14.5 / 12 * 4 = 29/6 * 1/3 = 29/18 ounces. Answer: \boxed{\frac{29}{18}} \text{ounces}.