UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934

(Amendment No. )

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Alliance Semiconductor Corporation

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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Alliance Semiconductor Corporation (the “Company”) presented the following slide to Mark Salzberg of Investor Responsibility Firm in response to his inquiry concerning the Company’s stockholder presentation filed with the SEC on September 29, 2005. Under the caption “Status of AVM,” the prior presentation reflected “Received distributions of $12.6 million,” referring to the Company’s carry distribution. This slide includes the statement, under the “Status of AVM” caption, a “Net Realized Gain of $82.8 million.”

Extract Value from Alliance Venture Management Management Management