Disclosed are shaped articles comprising a continuous polyester phase having dispersed therein microbeads of cellulose acetate which are at least partially bordered by void space, the microbeads of cellulose acetate being poresent in an amount of about 10-30% by weight based on the weight of said polyester, said void space occupying about 2-50% by volume of said shaped article. Such articles have excellent physical properties, especially optical properties, and are useful in such applications as paper substitutes, for example.