indianajay,
Something is rotten in Nashville. Was this thing working..has it ever worked. Your reading of 11.5 volts is NFG. A discharged 12 volt battery is about 12.5 volts...11.5 volts would be long gone! The 13.5 is goofy too. The alternator should be easily into the 14 + volt range.
The regulator should have four terminals.
Regulator F to alternator F.
Regulator #2 to alternator R.
Regulator #3 to a connection with system voltage..maybe on the starter or the the BATT post of the key switch.. somewhere to sense voltage.
Regulator #4 to key switch. Powered when key is switch ON.
The power wire from the alternator..the BATT wire goes into the system, either through a ammeter or to a connection on the starter. This is its path to the battery.
You haven't indicated what kind of rig you are working on. Keep us posted.
Stuart