3ds Max cannot read the control rig information that defines character animation in MotionBuilder. For 3ds Max to recognize this animation, you need to plot, or “bake,” the keyframe data into the character’s skeleton.
MotionBuilder, continue from the previous lesson, or from the main menu, choose File
New and then from the Asset Browser
Export folder, open the file pepe_biped_unplotted.fbx.
Bake animation onto the Pepe character skeleton:
Character Controls pane, click the
menu button and choose Bake(Plot)
Bake(Plot) To Skeleton. 
The character control rig is deactivated, but the Pepe character retains all animation information.
Character Controls tab
menu and choose Bake(Plot)
Bake(Plot) To Rig again. When you are done, repeat step 1 to bake the animation back onto the character skeleton.
When you save your file, you will have not only the animated character Pepe in your scene, but the reference skeleton as well. You could delete the skeleton from the scene or select the Pepe character and save it to another file for import to 3ds Max, but this is not mandatory. As you will see, you can just as easily strip out the skeleton during the import process to 3ds Max.
Save As, then in the Save File dialog, enter mypepe_biped_plotted and click Save. In the Save Options dialog, accept the defaults, then click Save.