Hello All,
Bandwidth is very importand. I took just a look on the specs of my hendheld multimeter Fluke 179, that has a badwidth of only 45Hz to 500Hz in the AC rasnges till 600V and is avertised at true RMS meter. My HP34401 bench top multimeter as a bandwidth of 3 Hz to 300kHz, but error is increasing in the low and very high frequencys, see page 218 of the linked manual.
A good explanation on "True RMS AC Measurements" can be found in the manual of the HP34401a, chapter 7, page 206ff,, see link below. Here everything you need is explained.
When you want to measure a PWM signal you need a meter that ia able to measure signals with an high Crest factor, like the good old HP 3400a or the HP3403 series as TimFox wrote in his post. Modern DSO may do it as well, when set up correct.
link to
HP34401 manualGuido