InAs/GaAs quantum-dot heterostructures grown by molecular-beam epitaxy are studied using cross-sectional scanning tunneling microscopy and spectroscopy. Individual InAs quantum dots (QDs) are resolved in the images. Tunneling spectra acquired 3-4 nm from the QDs show a peak located in the upper part of the GaAs bandgap originating from the lowest electron confined state, together with a tail extending out from the valence band from hole confined states. A line-shape analysis is used to deduce the binding energies of the electron and hole QD states.