Index: /Users/denis/Sites/sem-pro/wp-includes/query.php
===================================================================
--- /Users/denis/Sites/sem-pro/wp-includes/query.php	(revision 829)
+++ /Users/denis/Sites/sem-pro/wp-includes/query.php	(working copy)
@@ -333,7 +333,7 @@
 	// most likely case
 	if ( 'posts' == get_option('show_on_front') && is_home() )
 		return true;
-	elseif ( 'page' == get_option('show_on_front') && get_option('page_on_front') && is_page(get_option('page_on_front')) )
+	elseif ( 'page' == get_option('show_on_front') && get_option('page_on_front') && is_page(get_option('page_on_front')) && !is_paged() )
 		return true;
 	else
 		return false;