A co-extruded film including talc and a method for preparing the film includes a polyester resin containing talc. The films may be single layer films or multi-layered structures such as ABA or AB structured films. Multi-layered films have talc in at least the A layer of the multi-layered film. If talc is present in the B layer, the A layer preferably includes a greater percentage of talc relative to the percentage of talc present in said B layer. The method uses readily available, low cost talc as an additive to achieve a co-extruded polyester film having simultaneously reduced transparency and reduced gloss to provide a translucent polyester film.