Carrier dynamics of submonolayer InGaAs/GaAs quantum dots QDs were studied by microphotoluminecence MPL, selectively excited photoluminescence SEPL, and time-resolved photoluminescence TRPL. MPL and SEPL show the coexistence of localized and delocalized states, and different local phonon modes. TRPL reveals shorter recombination lifetimes and longer capture times for the QDs with higher emission energy. This suggests that the smallest SML QDs are formed by perfectly vertically correlated two-dimensional InAs islands, having the highest In content and the lowest emission energy, while a slight deviation from the perfectly vertical correlation produces larger QDs with lower In content and higher emission energy.