I just tried it with this, and it worked perfectly - I created a simple page with an ellipsis in it, then read the page and the ellipsis was there in my variable, then wrote it back out and looked at it and the ellipsis was still there:
set T to read alias "ACB-G5_1:Users:bellac:Desktop:Site 2:Blog:Blog.html" as «class utf8»
set tid to AppleScript's text item delimiters
set AppleScript's text item delimiters to "ellipsis"
set C to characters 1 thru 4 of text item 2 of T
set AppleScript's text item delimiters to tid
set N to open for access ((path to desktop folder as text) & "out.txt") with write permission
set eof of N to 0
write T to N as «class utf8»
close access N