This is ancient material (ca. Poser 4/Max 3) but perhaps it will  be of some help Poser Morphs in 3DS Max. 

It uses the .obj plugins that ghonma mentions. I have no idea if the native .obj I/O is messing things up - could depend on Max version I suppose. You might ask in the Max forum here, I imagine there must be a few Poser users there who do morphs. There are also more up to date Poser/Max tutes out there.  

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