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In this report, dispersion properties of a circular waveguide filled by a composite gyroelectromagnetic structure, which consists of alternating ferrite and semiconductor layers are studied. The system is supposed to be longitudinally magnetized, i.e. the static external magnetic field is applied along the axis of the guide, perpendicularly to the layers of the structure. The system is considered to be in the subwavelength regime, and the relative effective permittivity and permeability of the waveguide filling are introduced. The waveguide dispersion equation and its eigenmodes are derived. Unique dispersion characteristics of supported hybrid modes are investigated. It is shown that simultaneous presence of gyromagnetic and gyroelectric effects in the waveguide system can gain a substantial control under the dispersion characteristics and field distributions of the supported modes.