Voltage Regulator and low output from Alternator

I know I should know this but for whatever reason I just can not remember nor can I find it. I am getting about 11.8 volts out of the alternator on the charge lug. On the voltage regulator I am getting nothing out of the field and about 12 volts on the input side. I do have a 2 field alternator. I am using an old style regulator with the electronics not the multi-field regulator.

Is it my regulator or alternator that is blown? I am leaning towards the regulator.