  Based on our long (~ 300 ks) 2007 XMM-Newton observation of the Seyfert
galaxy NGC 1365, we report here on the spectral and timing behaviour of two
ultraluminous X-ray sources, which had previously reached isotropic X-ray
luminosities L_X ~ 4 x 10^{40} erg/s (0.3-10 keV band). In 2007, they were in a
lower state (L_X ~ 5 x 10^{39} erg/s, and L_X ~ 1.5 x 10^{39} erg/s for X1 and
X2, respectively). Their X-ray spectra were dominated by power-laws with photon
indices Gamma ~ 1.8 and Gamma ~ 1.2, respectively. Thus, their spectra were
similar to those at their outburst peaks. Both sources have been seen to vary
by a factor of 20 in luminosity over the years, but their spectra are always
dominated by a hard power-law; unlike most stellar-mass BHs, they have never
been found in a canonical high/soft state dominated by a standard disk. The
lack of a canonical high/soft state seems to be a common feature of ULXs. We
speculate that the different kind of donor star and/or a persistently
super-Eddington accretion rate during their outbursts may prevent accretion
flows in ULXs from settling into steady standard disks.
