I had my transfer a few months ago.  I would say that your idea of reading your report and looking for potential questions is probable the best course of action. However i would also suggest that a lot of extra reading (depending on field of course) would be a good idea which you can then tie into your answers, as a lot of my peers received "need to read more" in their feedback. I also found it useful to prepare short answers to the easy questions they might ask, such as why are you doing this, why is your research useful, and where do you see this going.

Hope that helps and good luck

I am a first year as well (8 months) and have just completed my transfer.  I think the best bit of advice is to not stress or worry too much about the process. I too felt that i was under prepared for the process and not as far on as i should be, however they seemed happy with the progress i had made as well as suggesting a couple of areas of my assessment that could do with more work such as speaking louder.

You will all be fine

lab