XDCAM HD clip chroma muted when imported into FCP 7 via Sony XDCAM transfer software

Hi,
I'm working with XDCAM HD footage for the 1st time in FCP 7. I downloaded the XDCAM transfer software from Sony. I have only the BPAV folders, no .mov files. The color saturation is very muted when I imported these clips into FCP 7. I'm wondering if I missed a step or should have transcoded to pro res? Any help is appreciated.