In this paper, we classify the irreducible quasi-finite highest weight modules of the Lie subalgebras W-infinity,p(N) of the Lie algebra of matrix differential operators on the circle. We also realize the W-infinity(N)-modules in terms of the representation theory of the complex Lie algebra gl(infinity)([m]) of infinite matrices with a finite number of nonzero diagonals with entries in the algebra of truncated polynomials.