UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

 

Investment Company Act file number 811-21751

 

Lazard World Dividend & Income Fund, Inc.
(Exact name of Registrant as specified in charter)

 

30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)

 

Nathan A. Paul, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (212) 632-6000

 

Date of fiscal year end: 12/31

 

Date of reporting period: 9/30/2014

Item 1. Schedule of Investments

 

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments

September 30, 2014 (unaudited)

 

 

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2014 (unaudited)

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2014 (unaudited)

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2014 (unaudited)

Forward Currency Purchase Contracts open at September 30, 2014:

Currency		Counterparty		Expiration Date		Foreign Currency Amount				US $ Cost on Origination Date				US $ Current Value				Unrealized Appreciation				Unrealized Depreciation
AMD		JPM		10/28/14			111,741,000			$	255,000			$	272,759			$	17,759			$	—
AMD		JPM		02/18/15			115,615,500				273,000				276,259				3,259				—
BRL		BRC		10/02/14			1,242,746				507,036				507,709				673				—
BRL		CIT		10/02/14			3,085,931				1,361,000				1,260,722				—				100,278
BRL		CIT		11/04/14			1,857,284				748,000				752,060				4,060				—
CLP		CIT		10/27/14			93,204,350				159,133				155,489				—				3,644
CLP		UBS		10/27/14			338,352,800				577,000				564,462				—				12,538
CLP		UBS		11/17/14			537,303,300				906,000				894,768				—				11,232
CNH		BRC		02/26/15			3,532,977				567,000				565,551				—				1,449
CNH		HSB		10/14/14			3,387,462				547,000				547,673				673				—
CNH		HSB		11/18/14			2,982,134				482,000				480,770				—				1,230
CNH		HSB		03/03/15			3,454,550				555,126				552,815				—				2,311
CNY		SCB		10/08/14			3,577,531				578,000				582,655				4,655				—
CNY		SCB		11/10/14			6,660,775				1,079,367				1,081,663				2,296				—
CNY		SCB		12/08/14			3,074,589				499,000				498,232				—				768
COP		SCB		10/16/14			2,112,902,100				1,062,000				1,042,265				—				19,735
COP		SCB		10/22/14			910,637,800				478,000				448,993				—				29,007
CZK		JPM		10/07/14			11,732,531				553,000				539,059				—				13,941
CZK		JPM		10/07/14			22,370,232				1,115,027				1,027,816				—				87,211
EUR		JPM		10/10/14			448,000				580,138				565,876				—				14,262
EUR		JPM		10/24/14			358,000				463,817				452,236				—				11,581
EUR		JPM		10/24/14			736,728				973,000				930,656				—				42,344
EUR		JPM		10/24/14			1,312,000				1,699,210				1,657,357				—				41,853
EUR		JPM		11/19/14			161,512				220,949				204,065				—				16,884
HUF		BNP		10/08/14			200,861,826				845,805				816,317				—				29,488
HUF		JPM		11/12/14			65,214,914				266,695				264,849				—				1,846
HUF		UBS		10/20/14			132,230,070				567,000				537,258				—				29,742
IDR		JPM		10/07/14			2,331,522,000				197,838				191,183				—				6,655
IDR		JPM		10/31/14			5,250,300,000				430,000				428,793				—				1,207
IDR		SCB		10/07/14			8,417,880,000				698,000				690,260				—				7,740
IDR		SCB		12/04/14			6,791,850,000				559,000				551,410				—				7,590
ILS		CIT		11/10/14			2,014,636				564,000				547,151				—				16,849
ILS		JPM		10/08/14			1,884,804				525,843				511,779				—				14,064
ILS		UBS		10/17/14			1,922,045				530,000				521,913				—				8,087
INR		BRC		11/21/14			28,796,040				468,000				461,224				—				6,776
INR		JPM		10/22/14			73,438,725				1,195,000				1,184,104				—				10,896
INR		JPM		01/27/15			35,531,660				577,000				561,289				—				15,711
INR		SCB		01/12/15			25,124,640				408,000				398,161				—				9,839
KRW		CIT		11/26/14			616,971,510				603,000				583,264				—				19,736
KRW		JPM		11/24/14			792,938,720				759,498				749,678				—				9,820
KRW		UBS		10/22/14			1,105,160,350				1,081,000				1,046,337				—				34,663
KWD		BNP		08/06/15			173,514				605,000				596,464				—				8,536
KWD		CIT		08/18/15			141,763				494,000				487,144				—				6,856
KZT		CIT		11/14/14			55,390,000				290,000				302,083				12,083				—
KZT		CIT		02/13/15			63,050,000				325,000				338,343				13,343				—
KZT		CIT		06/11/15			31,760,660				167,425				166,997				—				428

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2014 (unaudited)

Forward Currency Purchase Contracts open at September 30, 2014 (continued):
Currency		Counterparty		Expiration Date			Foreign Currency Amount				US $ Cost on Origination Date				US $ Current Value				Unrealized Appreciation				Unrealized Depreciation
KZT		CIT		06/12/15			59,783,000			$	315,145			$	314,292			$	—			$	853
KZT		HSB		02/17/15			35,567,400				187,000				190,704				3,704				—
KZT		JPM		05/18/15			35,512,000				184,000				187,385				3,385				—
MXN		CIT		10/15/14			14,148,845				1,065,000				1,052,531				—				12,469
MYR		HSB		10/17/14			1,930,731				598,120				587,947				—				10,173
MYR		JPM		10/17/14			4,150,117				1,294,000				1,263,795				—				30,205
NGN		BRC		11/03/14			27,060,000				164,000				163,609				—				391
NGN		CIT		12/12/14			36,024,500				218,000				215,052				—				2,948
NGN		CIT		12/22/14			128,082,080				767,418				762,316				—				5,102
NGN		JPM		11/10/14			53,677,050				327,000				323,777				—				3,223
NGN		JPM		12/08/14			7,142,520				43,144				42,689				—				455
PEN		CIT		10/09/14			1,086,972				379,000				375,679				—				3,321
PEN		SCB		10/23/14			1,084,319				377,575				373,768				—				3,807
PEN		SCB		11/17/14			1,730,880				601,000				594,125				—				6,875
PHP		BRC		10/14/14			22,673,035				517,000				505,072				—				11,928
PHP		BRC		11/17/14			36,423,720				828,000				810,691				—				17,309
PHP		BRC		12/15/14			36,436,140				828,000				810,303				—				17,697
PLN		JPM		10/10/14			3,079,846				973,262				929,902				—				43,360
PLN		JPM		10/10/14			4,138,578				1,281,000				1,249,566				—				31,434
RSD		CIT		11/19/14			25,707,456				305,260				274,300				—				30,960
RSD		CIT		11/19/14			68,381,562				779,410				729,634				—				49,776
RSD		HSB		10/20/14			24,927,430				270,216				267,573				—				2,643
RUB		BRC		10/15/14			10,120,266				262,984				254,918				—				8,066
RUB		BRC		10/15/14			15,113,723				392,753				380,697				—				12,056
RUB		BRC		10/30/14			25,233,989				650,076				633,698				—				16,378
RUB		CIT		12/09/14			14,416,763				382,504				358,988				—				23,516
RUB		JPM		10/17/14			22,132,809				574,000				557,275				—				16,725
RUB		JPM		11/17/14			22,132,809				568,346				553,717				—				14,629
THB		SCB		10/22/14			25,488,120				798,000				785,322				—				12,678
THB		SCB		11/17/14			9,727,417				301,000				299,356				—				1,644
TRY		JPM		10/08/14			189,135				86,589				82,931				—				3,658
TRY		JPM		02/17/15			9,689				4,376				4,110				—				266
TRY		JPM		02/17/15			1,210,313				548,000				513,412				—				34,588
TWD		BRC		10/15/14			32,754,540				1,092,000				1,076,840				—				15,160
UGX		BRC		12/09/14			433,699,000				162,738				160,803				—				1,935
UGX		CIT		10/08/14			762,412,000				287,160				287,751				591				—
UGX		CIT		11/17/14			809,552,000				304,000				302,094				—				1,906
UYU		HSB		10/22/14			10,739,520				440,000				432,180				—				7,820
UYU		HSB		11/10/14			16,937,784				704,274				678,371				—				25,903
ZAR		BRC		10/06/14			3,705,426				343,353				328,200				—				15,153
ZAR		BRC		10/06/14			3,720,975				347,862				329,577				—				18,285

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2014 (unaudited)

Forward Currency Purchase Contracts open at September 30, 2014 (concluded):
Currency		Counterparty		Expiration Date		Foreign Currency Amount				US $ Cost on Origination Date				US $ Current Value				Unrealized Appreciation				Unrealized Depreciation
ZMW		CIT		11/24/14			6,539,670			$	914,000			$	1,017,056			$	103,056			$	—
Total Forward Currency Purchase Contracts										$	49,862,472			$	48,859,917			$	169,537			$	1,172,092
Forward Currency Sale Contracts open at September 30, 2014:
Currency		Counterparty		Expiration Date		Foreign Currency Amount				US $ Cost on Origination Date				US $ Current Value				Unrealized Appreciation				Unrealized Depreciation
BRL		BRC		10/02/14			1,242,746			$	519,000			$	507,709			$	11,291			$	—
BRL		CIT		10/02/14			1,242,746				507,036				507,709				—				673
BRL		CIT		10/02/14			1,843,186				748,958				753,012				—				4,054
CNY		SCB		10/08/14			3,577,531				581,429				582,655				—				1,226
CZK		JPM		10/07/14			11,290,743				526,000				518,761				7,239				—
EUR		BNP		10/24/14			2,201,582				2,965,300				2,781,103				184,197				—
EUR		BRC		11/19/14			223,000				299,709				281,753				17,956				—
EUR		CIT		11/19/14			216,000				305,260				272,909				32,351				—
EUR		CIT		11/19/14			572,710				779,410				723,599				55,811				—
EUR		HSB		10/20/14			209,000				270,216				264,008				6,208				—
EUR		JPM		10/07/14			816,000				1,115,027				1,030,682				84,345				—
EUR		JPM		10/24/14			452,000				582,683				570,980				11,703				—
EUR		JPM		10/24/14			751,000				970,190				948,685				21,505				—
EUR		JPM		10/24/14			760,000				1,021,245				960,054				61,191				—
IDR		JPM		10/07/14			6,561,079,392				558,627				538,003				20,624				—
ILS		CIT		05/04/15			1,792,504				508,512				488,333				20,179				—
JPY		CIT		11/12/14			124,608,080				1,168,000				1,136,471				31,529				—
JPY		SCB		10/23/14			165,683,515				1,634,000				1,510,890				123,110				—
KRW		CIT		10/22/14			595,479,000				570,000				563,784				6,216				—
KRW		JPM		10/22/14			560,593,200				534,000				530,755				3,245				—
MYR		JPM		10/17/14			956,352				293,000				291,229				1,771				—
PHP		JPM		10/14/14			13,583,490				303,000				302,590				410				—
PLN		JPM		10/10/14			1,887,498				580,138				569,895				10,243				—
RON		JPM		12/10/14			1,602,133				466,092				456,563				9,529				—
RON		JPM		12/10/14			4,473,919				1,311,000				1,274,941				36,059				—
RSD		JPM		11/19/14			19,236,080				220,948				205,249				15,699				—
RUB		BRC		10/15/14			25,233,989				652,041				635,615				16,426				—
RUB		BRC		10/30/14			20,809,980				534,000				522,598				11,402				—
RUB		JPM		10/17/14			22,132,809				572,055				557,275				14,780				—
TRY		JPM		02/11/15			1,179,536				517,000				501,114				15,886				—
TRY		JPM		02/17/15			537,132				240,758				227,850				12,908				—
TRY		JPM		02/17/15			682,870				307,129				289,672				17,457				—
UGX		SCB		10/08/14			492,352,692				187,384				185,825				1,559				—
UYU		CIT		10/22/14			2,197,410				89,000				88,428				572				—
ZAR		BRC		10/06/14			7,426,401				698,374				657,777				40,597				—
ZMW		JPM		11/24/14			2,563,959				403,646				398,750				4,896				—
Total Forward Currency Sale Contracts										$	23,540,167			$	22,637,226				908,894				5,953
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts																		$	1,078,431			$	1,178,045

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2014 (unaudited)

 

Currency Abbreviations:  

AMD	— Armenian Dram
BRL	— Brazilian Real
CLP	— Chilean Peso
CNH	— Yuan Renminbi
CNY	— Chinese Renminbi
COP	— Colombian Peso
CZK	— Czech Koruna
EUR	— Euro
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
ILS	— Israeli Shekel
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
KWD	— Kuwaiti Dinar
KZT	— Kazakhstan Tenge
MXN	— Mexican New Peso
MYR	— Malaysian Ringgit
NGN	— Nigerian Naira
PEN	— Peruvian New Sol
PHP	— Philippine Peso
PLN	— Polish Zloty
RON	— New Romanian Leu
RSD	— Serbian Dinar
RUB	— Russian Ruble
THB	— Thai Baht
TRY	— New Turkish Lira
TWD	— New Taiwan Dollar
UGX	— Ugandan Shilling
UYU	— Uruguayan Peso
ZAR	— South African Rand
ZMW	— Zambian Kwacha

Counterparty Abbreviations:  

BNP	— BNP Paribas SA
BRC	— Barclays Bank PLC
CIT	— Citibank NA
HSB	— HSBC Bank USA
JPM	— JPMorgan Chase Bank
SCB	— Standard Chartered Bank
UBS	— UBS AG

 

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (continued)

September 30, 2014 (unaudited)

 

(a) Pursuant to Rule 144A under the Securities Act of 1933, the security may only be traded among “qualified institutional buyers.” At September 30, 2014, this security amounted to 0.5% of net assets of Lazard World Dividend & Income Fund, Inc. (the “Fund”), and is considered to be liquid.

(b) Security valued using Level 2 inputs, based on reference to a similar security from the same issuer which was trading on an active market, under accounting principles generally accepted in the United States of America (“GAAP”) hierarchy.

(c) Non-income producing security.

(d) Principal amount denominated in respective country’s currency.

(e) For federal income tax purposes, the aggregate cost was $113,384,494, aggregate gross unrealized appreciation was $6,158,700, aggregate gross unrealized depreciation was $7,721,064, and the net unrealized depreciation was $1,562,364.

(f) The Fund, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

 

Security Abbreviations:

ADR	- American Depositary Receipt
GDR	- Global Depositary Receipt
NTN-B	- Brazil Sovereign “Nota do Tesouro Nacional” Series B
REIT	- Real Estate Investment Trust

 

Portfolio holdings by industry* (as a percentage of net assets):

Automotive		0.7	%
Banking		12.0
Cable Television		2.0
Chemicals		1.3
Commercial Services		0.6
Computer Software		1.3
Construction & Engineering		1.6
Electric		2.8
Energy		1.9
Energy Exploration & Production		1.4
Energy Integrated		8.3
Energy Services		2.5
Financial Services		5.9
Forest & Paper Products		1.3
Household & Personal Products		1.1
Housing		2.4
Insurance		8.9
Leisure & Entertainment		6.7
Metals & Mining		0.6
Pharmaceutical & Biotechnology		1.1
Real Estate		6.7
Retail		1.3
Semiconductors & Components		8.1
Technology Hardware		3.3
Telecommunications		10.8
Transportation		3.3
Subtotal		97.9
Foreign Government Obligations		9.4
Short-Term Investment		0.7
Total Investments		108.0	%

 

* Industry classifications may be different than those used for compliance monitoring purposes.

Lazard World Dividend & Income Fund, Inc.

Portfolio of Investments (concluded)

September 30, 2014 (unaudited)

 

Valuation of Investments:

 

Net asset value (“NAV”) per share is determined by State Street Bank and Trust Company for the Fund on each day the New York Stock Exchange (“NYSE”) is open for business. Market values for securities listed on the NYSE, NASDAQ national market or other US or foreign exchanges or markets are generally based on the last reported sales price on the exchange or market on which the security is principally traded, generally as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) on each valuation date; securities not traded on the valuation date are valued at the most recent quoted bid price. The Fund values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Forward currency contracts are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s NAV.

 

Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by independent pricing services which are based primarily on institutional trading in similar groups of securities, or by using brokers’ quotations or a matrix system which considers such factors as other security prices, yields and maturities. Debt securities maturing in 60 days or less are valued at amortized cost, except where to do so would not accurately reflect their fair value, in which case such securities are valued at fair value as determined by, or in accordance with procedures approved by, the Board of Directors (the “Board”).

 

The Valuation Committee of Lazard Asset Management LLC (the “Investment Manager”), which meets periodically under the direction of the Board, may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager’s portfolio managers/analysts also will be considered.

 

If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when the Fund’s NAV is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value as determined by, or in accordance with procedures approved by, the Board. The fair value of non-US securities may be determined with the assistance of an independent pricing service using correlations between the movement of prices of such securities and indices of US securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. Non-US securities may trade on days when the Fund is not open for business, thus affecting the value of the Fund’s assets on days when Fund stockholders may not be able to buy or sell Fund shares.

 

The effect of using fair value pricing is that the NAV of the Fund will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.

 

Fair Value Measurements:

 

Fair value is defined as the price that the Fund would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP

also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. Each investment’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below.

 

·	Level 1 – unadjusted quoted prices in active markets for identical investments
·	Level 2 – other significant observable inputs (including unadjusted quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
·	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.

 

The following table summarizes the valuation of the Fund’s investments by each fair value hierarchy level as of September 30, 2014:

 

Description		Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance as of September 30, 2014
Assets:
Common Stocks
Israel		$	1,162,021			$	2,180,971			$	—			$	3,342,992
Russia			1,802,959				2,000,698				—				3,803,657
Switzerland			1,025,438				2,732,733				—				3,758,171
Other			36,121,480				51,034,295				—				87,155,775
Preferred Stocks			3,330,654				—				—				3,330,654
Foreign Government Obligations			—				9,751,639				—				9,751,639
Short-Term Investment			679,242				—				—				679,242
Other Financial Instruments*
Forward Currency Contracts			—				1,078,431				—				1,078,431
Total		$	44,121,794			$	68,778,767			$	—			$	112,900,561
Liabilities:
Other Financial Instruments*
Forward Currency Contracts		$	—			$	(1,178,045	)		$	—			$	(1,178,045	)

*	Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation/depreciation.

Certain common stocks (see footnote (b)) included in Level 2 were valued based on reference to similar securities from the same issuers which were trading on active markets. The foreign government obligations included in Level 2 were valued on the basis of prices provided by independent pricing services. The forward currency contracts included in Level 2 were valued using quotations provided by an independent pricing service.

 

In connection with the periodic implementation of fair value pricing procedures with respect to non-US securities, certain equity securities (other than those securities described in footnote (b)) can transfer from Level 1 to Level 2 as a result of fair value pricing procedure triggers being met and would revert to Level 1 when the fair value pricing procedure triggers are no longer met. The Fund recognizes all transfers between levels as though they were transferred at the beginning of the reporting period. As of September 30, 2014, securities valued at $41,417,444 were transferred from Level 1 to Level 2. There were no other transfers into or out of Levels 1, 2 or 3 during the period ended September 30, 2014.

Item 2. Controls and Procedures.

 

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

 

(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT.

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Lazard World Dividend & Income Fund, Inc.

 

By:	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date:	November 28, 2014

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By:	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date:	November 28, 2014
By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	November 28, 2014