I've been looking at the available information, and it looks like
there's nothing in Word that's quite right. There is a fairly easy
fix, though.
According to the Avery catalog
(
http://www.avery.com/us/Main?action=product.Details&catalogcode=WEB01&node=10211196&productcode=5314),
the 5314 labels are 1" x 2-13/16" and 33 labels per sheet (obviously 3
across and 11 down). There are several Avery part numbers in Word --
such as 5930 -- that have the right size of label but only 30 per
sheet. The difference is that the 5930 has 0.5" top and bottom
margins, where the 5314 must have zero margins.
The fix is to select the 5930 and then click the New Label button.
Enter a name (use '5314'), set the Top margin to 0", and set the
Number down to 11. OK your way back to the Labels dialog. With luck
this will match the physical labels.