A turbocharger, comprising: a turbine housing and a turbine wheel mounted in the turbine housing and connected to a rotatable shaft for rotation therewith, the turbine housing receiving exhaust gas and supplying the exhaust gas to the turbine wheel; a centrifugal compressor assembly comprising a compressor housing and a compressor wheel mounted in the compressor housing and connected to the rotatable shaft for rotation therewith, the compressor wheel having blades and defining an inducer portion, the compressor housing having an air inlet wall defining an air inlet for leading air generally axially into the compressor wheel, the compressor housing further defining a shroud surface that is adjacent to and follows a radially outer contour of the compressor wheel; a compressor inlet-adjustment mechanism disposed in the air inlet of the compressor housing and movable between a closed position and a super-open position, the inlet-adjustment mechanism comprising a plurality of blades (102A, 102B) that are distributed about a circumference of the air inlet and that collectively form a ring that delimits an orifice, the blades being movable generally radially inwardly to define the closed position, and being movable generally radially outwardly to define the super-open position; and wherein the compressor housing defines a ported shroud system comprising an inner wall forming an upstream extension of the shroud surface, and an outer wall spaced radially outwardly of the inner wall such that an annular space is defined between the inner and outer walls, and a bleed port formed through the inner wall and located adjacent the inducer portion of the compressor wheel for allowing air to pass between the annular space and the inducer portion, the inner wall extending upstream from the compressor wheel and terminating at an upstream edge, an opening into the annular space being defined between the outer wall and the upstream edge of the inner wall, wherein the blades of the inlet-adjustment mechanism are arranged such that in the closed position the blades block the opening into the annular space and prevent air flow into the annular space, the orifice in the closed position having a smaller diameter than that delimited by the inner wall, and in the super-open position the blades unblock the opening and allow air to flow into the annular space and through the bleed port into the compressor wheel. a turbine housing and a turbine wheel mounted in the turbine housing and connected to a rotatable shaft for rotation therewith, the turbine housing receiving exhaust gas and supplying the exhaust gas to the turbine wheel; a centrifugal compressor assembly comprising a compressor housing and a compressor wheel mounted in the compressor housing and connected to the rotatable shaft for rotation therewith, the compressor wheel having blades and defining an inducer portion, the compressor housing having an air inlet wall defining an air inlet for leading air generally axially into the compressor wheel, the compressor housing further defining a shroud surface that is adjacent to and follows a radially outer contour of the compressor wheel; a compressor inlet-adjustment mechanism disposed in the air inlet of the compressor housing and movable between a closed position and a super-open position, the inlet-adjustment mechanism comprising a plurality of blades (102A, 102B) that are distributed about a circumference of the air inlet and that collectively form a ring that delimits an orifice, the blades being movable generally radially inwardly to define the closed position, and being movable generally radially outwardly to define the super-open position; and wherein the compressor housing defines a ported shroud system comprising an inner wall forming an upstream extension of the shroud surface, and an outer wall spaced radially outwardly of the inner wall such that an annular space is defined between the inner and outer walls, and a bleed port formed through the inner wall and located adjacent the inducer portion of the compressor wheel for allowing air to pass between the annular space and the inducer portion, the inner wall extending upstream from the compressor wheel and terminating at an upstream edge, an opening into the annular space being defined between the outer wall and the upstream edge of the inner wall, wherein the blades of the inlet-adjustment mechanism are arranged such that in the closed position the blades block the opening into the annular space and prevent air flow into the annular space, the orifice in the closed position having a smaller diameter than that delimited by the inner wall, and in the super-open position the blades unblock the opening and allow air to flow into the annular space and through the bleed port into the compressor wheel.