How to get Simulink to read data from serial port in real time.

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Currently my Simulink program reads data from a .mat file. I need to change it so it can read data from the serial port or matlab workspace as it comes in real time and output processed data in real time as well. One option is to purchase the real time toolbox. Another is to use the encoder to write C code and use that.
Anybody ever done anything like this? Which would work better?

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