  We complete construction of a catalog containing improved astrometry and new
optical/infrared photometry for the vast majority of NLTT stars lying in the
overlap of regions covered by POSS I and by the second incremental 2MASS
release, approximately 44% of the sky. The epoch 2000 positions are typically
accurate to 130 mas, the proper motions to 5.5 mas/yr, and the V-J colors to
0.25 mag. Relative proper motions of binary components are measured to 3
mas/yr. The false identification rate is ~1% for 11 < V < 18 and substantially
less at brighter magnitudes. These improvements permit the construction of a
reduced proper motion diagram that, for the first time, allows one to classify
NLTT stars into main-sequence (MS) stars, subdwarfs (SDs), and white dwarfs
(WDs). We in turn use this diagram to analyze the properties of both our
catalog and the NLTT catalog on which it is based. In sharp contrast to popular
belief, we find that NLTT incompleteness in the plane is almost completely
concentrated in MS stars, and that SDs and WDs are detected almost uniformly
over the sky DEC > -33 deg. Our catalog will therefore provide a powerful tool
to probe these populations statistically, as well as to reliably identify
individual SDs and WDs.
