Sheffield Wednesday set up second-round tie with Leeds after win on penalties
Victory was well deserved for Henrik Pedersen's young guns despite Wanderers going down to 10 men after defender Sam Inwood's 30th-minute red card.
Pedersen named five teenagers in his starting line-up and Gui Siqueira smashed them into a 20th-minute lead.
Wanderers equalised for the first time through Jordi Osei-Tutu after 36 minutes.
However, Owls' skipper Ike Ugbo restored the visitors' advantage with a cool right-footed finish a minute later.
Substitute Thierry Gale's first Bolton goal after 77 minutes looked to have earned penalties, only for Reece Johnson to make it 3-2 after 80 minutes.
Wednesday were heading through until substitute Amario Cozier-Duberry's dramatic stunning stoppage-time leveller.
However, Charles was the hero with his double saves to delight Wednesday's travelling fans.
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