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You've inadvertently implemented a high-pass filter someplace. That could be the result of a coupling capacitor that's either much smaller or much more heavily loaded than it's intended to be, or (more likely) you've miswired the transformer so that you aren't getting inductive coupling across the transformer at all, and the HF audio you're hearing is do only to coupling across the parasitic capacitance of the transformer windings.
Any easy and very explicable version of that scenario would be if you've got everything built, wired, and working perfectly; but you're feeding the output into an unbalanced load that takes its audio between pins 1 and 2 of the XLR connector, leaving pin 3 floating.
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