We derive a semiclassical trace formula for a symmetry reduced part of the spectrum in axially symmetric systems. The classical orbits that contribute are closed in (rho,z,p_rho,p_z) and have p_phi = mhbar where m is the azimuthal quantum number. For m > 0, these orbits vary with energy and almost never lie on periodic trajectories in the full phase space in contrast to the case of discrete symmetries. The transition from m=0 to m > 0 is however not dramatic as our numerical results indicate, suggesting that contributing orbits occur in topologically equivalent families within which p_phi varies smoothly.