LGBT
An acronym for Lesbians, Gays, Bisexuals and Transgendered. It it the standard and PC catch all term for the various sexual minorities, though it has many varieties.

Differing versions include the respective letters of Asexuals, Pansexuals, Intersexed, Questioning (and/or Queer) and Allies (straight people), among others.
"This year will be one-of-a-kind in its dedication to expressing the voices of marginalized peoples with the LGBTQ community..."

- Excerpt from the Midwest Bisexual Lesbian Gay Transgendered Ally College Conference (MBLGTACC) 2010 Welcome Message